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How to get a mortgage in Turkey? What are the conditions for obtaining a mortgage in Turkey for foreigners?

Required documents:

  • passport, with a certified translation;
  • a copy of the seller’s TAPU on the real property;
  • tax number;
  • a copy of the registration certificate of the building, confirming that there is indeed a building suitable for living. This document is taken from the developer;
  • an income statement from work (in the free form), which is notarized and translated into Turkish
  • personal income tax statement
  • confirmation of the bank account;
  • document confirming the absence of debts on loans.

You can provide documentation that confirms the ownership of real estate in Russia, the documents on the cars as well. It will be a significant advantage, confirming that the buyer - a wealthy person.

Loans to foreigners are given for up to 10 years, usually from six to 13% per annum. On the object under construction - 40 % of the estimated cost and on the ready object - to 70% of the appraised value. Advanced payment is allowable. In this case, bank takes 2 % of the remaining sum of the credit. The currency of the loan may be Euro and Dollar, Turkish lira, British pound sterling and ruble.

If all documents are ready, the bank will consider the application as quickly as possible. Usually, within one working week. The appraiser is sent to object for estimation. After received documents are processed a decision is issued. And final costs will consist not only of bank fees, but also will depend on the payment of property insurance, life insurance, and sometimes payment of property estimation.

Turkish banks are now very interested in providing loans to foreign nationals, so the refusals rate tends to a minimum. The whole procedure of issuing the mortgage is maximally simplified. Bank officials claim that a foreigner in Turkey get a mortgage much easier than a Turkish citizen.

If desired a power of attorney can be given to estate agent and other person who will be engaged in loan processing. For this case there are special forms of power of attorney in Turkish banks. This method is very convenient for those who don’t reside in the Republic of Turkey or don’t speak Turkish.

If you have any questions on getting a mortgage or buying property in Turkey, contact our specialists and they you all necessary information.


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