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Registration of a mortgage loan in Turkey for a foreigner

July 22, 2020

There are situations when you cannot afford to buy an apartment in Turkey right away. Do not put off your cherished dream - to live in a house on the shores of the Mediterranean Sea. There is a possibility of obtaining a local mortgage loan.

The registration process is not so complicated, but there is a small package of documents that need to be collected:

• Tax return for the last year (personal income tax form-2);
• Copy of Tapu and technical passport;
• A certified copy of the passport by the bank or notary;
• Certificate of wages certified by the employer;
• Data on the bank account for the last 6 months;
• Document on the ownership of the Beneficiary;
• Certificate that the Recipient has no payables and other debts;
• Application for a mortgage loan signed by the Beneficiary;
• Tax number obtained in Turkey.
• Application form (in the form of a bank);
• All documents must be translated into Turkish and submitted to the bank along with the originals;
There are several banks in Turkey whose profile is the provision of mortgages on attractive terms: DenizBank, Akbank, Küveyt Türk, Garanti Bank, İş bankası. Waiting for a loan decision will take about seven working days. Be prepared for certain costs of 1500 euros: notary, translator, expert appraisal and real estate insurance.

Check out the special terms of the Turkish mortgage:
• The loan is issued from 1 to 15 years;
• Property appraisal is carried out by the bank;
• The minimum first installment is at least 40% of the bank's assessed value, the maximum is not more than 60%;
• The monthly payment must not exceed 50% of the client's income level;
• The maximum loan amount is not limited;
• The age of the recipient is from 25 to 70 years;
• A loan can be obtained in Turkish lira, euros, dollars, and in some banks - in rubles;
• Early repayment of the loan is possible upon payment of a commission of 2%;
• The bank's offer is valid for 4 months, extension up to 18 months is possible upon payment of a commission of 1%;
• Interest rate is fixed;
• Real estate earthquake insurance (DASK) is mandatory.

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