We use cookies to ensure the best performance and user experience on our website. By continuing to use our site, you consent to our use of cookies in accordance with our Privacy Policy. Learn More
0

Finance in Turkey

While buying a property abroad, you need to know all the information about the country's economy, real estate market, mortgage or instalment plan.

How to get A Mortgage for Property in Turkey  

The housing market here in Turkey is extremely buoyant, making buying property a sensible option. Real Estate is strong compared to elsewhere in Europe, and the Turkish Government simplified the buying process, which is now quick and easy.   

When buying a property abroad, you need to gather all the information regarding the country's buying process: the economy, real estate market, and how to pay for the property through payment plans, a mortgage, or self-financing.  

Many Expats who want to live here all year round often sell their home to buy the property outright. If they are looking to buy a holiday home, they either re-mortgage their home or look at equity release plans. It is definitely worth looking at all the options available before getting finance in Turkey.  

If you want to go down the route of having a mortgage here in Turkey, then Summer Home Real Estate Agency works with a wide range of banks and has team members who speak various languages, including English. As one of the leading Real Estate companies, we work directly with many construction companies to offer you the best deals possible. 

So, you've decided that obtaining a Turkish Mortgage is the route you wish to take to finance your new home. There are a few things you need to know before you start, the main one being that some banks will offer a mortgage rate as high as 20%, but in recent years it has been around 12.5%. It pays to shop around the different banks.  

Required Documents to Obtain Mortgage  

  • Application Form  
  • Notarised copies of your passport  
  • Or Certificate of Residency (ikamet)  
  • Official documentation giving an overview of your assets and debts  
  • Evidence of income-last three months' payslips and your P60 (Uk Citizens only)  Or bank statements for the previous three months  
  • If you are self-employed, the bank might ask to see audited or certified accounts, or a statement of account from your accountant  
  • A Turkish Tax Identity Number  
  • A credit report from your own country  
  • Copy of the title deeds for the property you wish to purchase 

The Mortgage 

  1. Many banks offer a fixed rate interest rate on the loan for up to 10 years but can be up to 20 years 
  2. Some banks want 35% down payment 
  3. Borrowing limits range from 5000tl up to 65-70% LTV (loan to valuation) 

To Find Out More 

If you want to know more about getting a mortgage in Turkey or investing in the real estate market, contact us today for clear and helpful advice. 

 

 

23 March 2023
Inspection Trips                                        
Inspection Trips                                         Summer Home Real Estate recommends you to come and see by yourself what a wonderful country Turkey is and become an owner of a property in Turkey. Read more
18 March 2023
Residence Permit - Turkey
Residence Permit - Turkey Foreigners that wish to stay longer period than their tourist visa provides must apply for residence permit in Turkey. Read more
19 March 2023
How to Become a Turkish Citizen?
How to Become a Turkish Citizen? The Republic of Turkey grants the citizenship to foreigners who buy a real estate in Turkey in a value of at least 400 000 USD. Read more
20 March 2023
Title Deed -TAPU
Title Deed -TAPU Tapu is the title deed in Turkish, which is legal document showing that you own all rights to the property in Turkey. Read more
22 March 2023
Reasons to Buy a Property in Turkey
Reasons to Buy a Property in Turkey Being an owner of property in Turkey is a privilege with many benefits. If you are looking for a profitable investment, a place to spend the holidays or live permanently, Turkey is the right choice for you.   Read more