Mortgages in Turkey: what are the offers, how and where to apply

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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?

You can take out a mortgage at DenizBank, Garanti Bank, Fiba Bank, HBSC Bank, and other institutions. All of them have different offers. You can take out the loan in several currencies.
To apply for a mortgage, a non-national needs to submit the following documents:
  •  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.
The papers must be translated to Turkish by a translator. If there are several owners, each must provides these documents. It is necessary to open a separate bank account. From there, payments will be withdrawn automatically.
Denizbank offers one of the best mortgage offers in Turkey in 2018 :
  • 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.
You will also need to pay for insurance (300 €) and examination fees (200-300 €)
You can choose and buy housing in Turkey, arrange a purchase on a mortgage or instalment plan with our agency, Profit Real Estate. We guarantee the transparency and security of the transaction!
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