Mortgages in Turkey: what are the offers, how and where to apply
Mortgages in Turkey for foreigners
Getting a mortgage in Turkey is simple. It is one of the reasons why the real estate market quickly grows. If you don't have enough capital to buy a house, there is always another option.
To apply for a mortgage, you need to provide a set of documents. The seller does not risk anything by giving away the keys to the apartment. You can arrange an installment plan for a period of six months to 3 years. You can move in at any time, and you can get a title deed (TAPU) immediately after the first you pay the first installment.
A mortgage is sometimes a more acceptable option for several reasons. After applying for a mortgage, the property is immediately registered in your ownership, a TAPU is issued, and a residence permit can be obtained.
You will be able to dispose of the property at your discretion. Remember that the property is promised to the bank. Mortgages duration can be 5 to 10 years, which means lower payments, albeit with an overpayment to the bank in the form of interest.
Where and how to get a mortgage in Turkey as a foreigner?
- 2-NDFL certificate or business ownership documents.
- Bank statement for the last three months.
- A copy of the TAPU of the selected object.
- An extract from the credit bureau.
- Taxpayer's id issued by the Turkish tax office.
- Property deeds
- For entrepreneurs: accounting statistics for the last two years and a copy of the partner certificate.
- down payment of 50% of the cost;
- fund release within 4–5 days;
- four months are given to complete the transaction;
- instalment period can be extended up to 18 months;
- fixed rate of 7.2% for the entire period;
- the minimum loan amount is $9,500.