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Financial questions
Financial issues
MORTGAGE LENDING
Absolutely every person with the necessary documents is able to get a loan in Turkey without any problems.
For all buyers, there is a standard scheme for obtaining a loan.
After making the final choice of the property, our agency will attend you to the bank. Select the lending bank yourself or rely upon our recommendations. Today the most popular banks are: Küveyt Türk, Garanti Bank, Deniz Bank.
All conditions of the loan agreement are discussed there. Then a special form needs to be filled out.
The bank sends its real estate appraisal specialist to the credited property and informs you of the decision and the size of the loan within 5 business days. Then the bank issues a letter of guarantee and you need to collect the following documents:
| For employees | For owners of companies | For retirees | |
| Tax certificate for the previous year (from the country of residence) |  |
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| Copy of Tapu (certificate of ownership) of the acquired property | |
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| Photocopy of passport certified by a notary | |
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| Certificate of wages from the employer | |
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| Bank account receipt document (no later than the last 3 months) | |
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| Accounting of the company for the last 2 years. Partnership certificate Photocopy | |
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| Credit history from the bank | |
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| Ownership documents | |
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| Completed form | |
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The documents will be translated into Turkish. Approval time is up to 2 weeks if all necessary documents are provided.
Model conditions for obtaining a loan. In each individual case, the loan conditions are considered and discussed individually.
| Loan amount | 50% of the appraised value (does not always match the market price) |
| Monthly payment limit | Maximum up to 50% of monthly income |
| Estimation of income | Income received in a bank account over the past six months, including pension |
| Maximum Amount | not limited |
| Minimum Amount | not limited |
| Citizens of all countries eligible to purchase property in Turkey | |
| Loan term | 3-10 years |
| Credit in Turkish Lira | Yes |
| Credit in Euro* | No |
| Credit in US dollars* | No |
| Loan purpose | Target credit |
| Early repayment | Possible (2% fee) |
| Property Valuation | Is done by the bank |
| Loan applicant’s age | 25 - 65 y.o. |
| Maximum age of the borrower | 65 years |
| DASK: (real estate insurance against natural disasters) | Registration through a creditor bank |
| Life insurance | Depending on the lender |
| Monthly payment | Automatic payment from a bank account |
*Loans in foreign currency can currently be obtained only at Küveyt Türk Bank, the remaining banks give loans to foreign citizens in the national currency of Turkey is Turkish lira.
If you can not be present in person on the day the loan is issued, you can also draw up a power of attorney for our company. In this case we can go through the procedure for you and do all the paperwork.
Buying real estate in Turkey by installments
without interest from the developer
without interest from the developer
A convenient, profitable and popular option of purchasing property without paying for the entire amount at once is the purchase of housing in Turkey by installments. Usually, the installment is provided without interest and on objects under construction.
Profit Real Estate works with developers. That is why we can offer our customers very favorable conditions for deferred payments. To purchase or book the selected property, it is enough to have a passport and 1 thousand euros. There is no need to confirm your solvency.
When applying for installments, we always have an individualized approach to our clients. It means that there is a flexibility on the payments. All the nuances on an individual payment schedule are agreed and approved during a negotiation with a development company. This is a unique opportunity to discuss all the details together and specify the conditions that are suitable for you!
MAINTENANCE EXPENCES
Cost planning is a common strategy that all modern families practice. It is especially true for housing maintenance costs since they constitute monthly expenses for each property owner. Along with the low prices per square meter, another advantage of houses and apartments in Turkey is their low-cost maintenance. The cost of maintaining the property is conditionally divided into fixed and changeable.
Fixed costs
Fixed costs consist of an aidat that is paid monthly, as well as an annual real estate tax.
Aidat is a fee for maintaining the territory of a residential complex that is paid every month.
Every housing complex in Turkey has its own company, which monitors the state of the common house territory, communal networks, and facilities. The amount of money the owner of the apartment pays for the services depends on the facilities of the residential property. The decision is taken collectively and established during the meeting of all residents. The cost of aidat depends on the number of facilities in the housing complex.
The company that preoccupies the facilities provides residents with a full financial report, which lists all items of expenses (usually at the end of the year). The cost of aidat can be discussed at annual meetings of real estate owners who vote to make a final decision. This method of cost control is really convenient, as it allows you to increase the number of payments only on the basis of objective reasons and guided by the common sense of each participant.
The amount of aidat ranges from 10 euros for urban-type houses and up to 300 euros for a housing complex with a large territory and diverse facilities. For instance, for a complex with a swimming pool, a garden, a generator and a big number of apartments aidat is about 50 euros per month. Therefore, when choosing a property, be sure to find out information about the sum for the service.
The amount of aidat ranges from 10 euros for urban-type houses and up to 300 euros for a housing complex with a large territory and diverse facilities. For instance, for a complex with a swimming pool, a garden, a generator and a big number of apartments aidat is about 50 euros per month. Therefore, when choosing a property, be sure to find out information about the sum for the service.
The Cadastral Office regulates the amount of cadastral value. The exact amount is indicated in TAPU. You can pay the annual property tax at the box office of the district municipality after re-registering the title.
Variable costs
Variable housing costs are gas, water, and electricity.
Meters for utilities will help the owner to pay according to the costs indicated on the devices. In this case, there is a need to pay only when you use electricity, gas or water. There are no expenses for the period when no one lives in the apartment.
An average water bill is about 15-20 euros per month. An average electricity bill is about 20 euros. In the hottest time of the year with daily use of the air conditioner for the most comfortable stay, electricity costs will increase to 35-40 euros.
In the new housing, there are both electric and gas stoves. Keeping a gas stove will simply save your money. Gas is bought in cylinders. The average cost of a gas cylinder is 22 euros. One is usually enough for 4-5 months of regular use. Otherwise, it lasts longer. However, the choice is upon the owner.
It is worth mentioning that you do not have to pay all bills on your own, in particular when you are not in the country. Modern technology allows you to do this automatically.
When registering a bank account, the landlord can order an automatic payment service. It will transfer the required amount for electricity and water from a personal bank account.
If this type of payment through the bank for some reason does not suit you, Profit Real Estate is always ready to help.
If you have any questions left
Ask our specialist