Since 2007, foreign nationals purchasing property in Turkey can get a loan in a Turkish Bank. This became possible due to ‘the Law on giving a property mortgage to foreigners’ dated 06.03.2007. The loan procedure is simple. However, you should be aware that, in addition to the law, banks have their internal rules and procedures, so the terms of a mortgage loan with different banks differ mainly in the timing, amount, interest rate, size of downpayment.
In General getting a loan is as follows.
Crediting period: up to 10 years.
Downpayment: 30% to 50% of the property value, which is estimated by an independent expert committee.
Loan currency: rubles, Turkish lira, dollar, euro, British pound.
Interest rate: 6-13% per annum may vary depending on changes in the refinancing rate or market situation. However, the rate set upon signing the contract is constant over the entire loan period.
Maximum loan amount: € 250,000. The loan amount is calculated basing on a borrower's income so that payment per month does not exceed 30% of monthly income declared by the loan recipient.
Property type: mostly finished new buildings, then residential property in the resale market, banks give loans of up to 70% on an apartment in a new finished house, while on an off-plan real estate up to 40% of the appraised value.
Borrower's age: maximum age limit is 65 on the moment of full loan repayment to the bank.
Advanced payment: partial or full coverage is possible. The commission is 2% of the amount of repayment.
Payment method: through a Turkish Bank account. Needed amount will be charged every month.
We can help you in getting mortgage loan at Turkish banks or getting an interest-free installment from six month up to five years. Interest-free installment varies on each real estate. Our company cooperates with Denizbank, which provides the most favorable conditions of obtaining a mortgage loan for Turkish citizens and foreigners as well.
The loan application is processed within 2-5 days.