Mortgage
Mortgages are now available in Turkey to foreign citizens and Turkish lenders . Our recommended sources are from Deniz Bank , Garanti Bank and Fortis Bank Turkey.
How to apply for a Mortgage :
1. The bank requires the property details for the new house . The branch staff will inform about all terms and conditions and benefits of the loan and answer any of your questions.
2. You will need to complete the application form and provide copies of documentation required .
3. The bank will send an appraiser to your house and appraise the property.
4. Approximately 5 working days later the branch will inform you about the offering loan they can offer.
5. You will be given a pre term sheet that you can use as the Banks written promise to you.
6. After presenting the pre term qualifying Mortgage sheet to you , you will be asked to sign the pre term sheet and pay the commitment fee .
7. The agreement information , Mortgage agreement and payment plan will all be signed as a beneficiary to the loan you will get life insurance house insurance and DASK insurance for the property to be purchased.
8. After collection of all the documents mentioned above the bank will give its final approval and will make an appointment to pay out the loan and put the Mortgage on the title deed at the Tapu office.
Features of the Loan
- Loan to value Maximum 70% of the appıaisal value ( Not equal to sales value)
- Debt to income Maximum net salary to spend to total loans installments 50%
- Valuation of income Only salary income transferred to a bank account , average
- Profit of the last 2 year, pension income
- Maximum amount : No maximum amount
- Minimum amount : 30,000 Euro
- Nationalities : All countries that have a reciprocal agreement with Turkey
- Maturity : 5,10 and 15 years
- Loan in T.L : Yes
- Loan in Euros: Yes
- Loan in GBP : Yes
- Loan in Dollars: Yes
- Interest types : Fixed
- Early repayment : Possible ( 2% penalty fee)
- Property Valuation : one by chosen Bank
- Age of Application : 25 – 70 years
- Maximum age at end of maturity : 70 years
- DASK (nature disaster insurance)
- And House insurance: To be arranged by chosen Bank
- Life insurance : No obligation
- Monthly installment payments : Automatic payment from chosen Bank account
- Validity of the pre offer : 4 months
- Extension of validity of the pre offer( Except interest rate)Until 18 months ( 1 % extra commission required )
Required documentation for Mortgage application
| Employed |
Self Employed |
Retired |
|
| Official Tax statement of the most recent year | yes | yes | yes |
| In the home country For example P 60 | yes | yes | yes |
| Copy of the Tapu ( title deed) of object bought |
yes | yes | yes |
| Copies of passports made and signed by notary |
yes | yes | yes |
| Income Statement of employer signed by employer |
yes | yes | yes |
| Official declaration from public notary that the person Who signed income statement is allowed to sign | yes | yes | |
| Bank Statement declaring income (showing last 3 months) | yes | yes | |
| Annual report of the holding company for the Last two years together with a copy from the shareholder | yes | ||
| Documents proving monthly financial obligations ((House loan installments, rent ) | yes | yes | yes |
| Overview of private assets proven by official statement | yes | yes | yes |
| Overview of private debts proven by official statement |
yes | yes | yes |
| Signed application form | yes | yes | yes |
Please note all official translation of all documents into Turkish is required ( the bank branch will assist )
If you require mortgage, please contact us and we'll refer you to our mortgage adviser.
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