Mortgage in Turkey

Mortgage in Turkey / for Foreigners

We will be glad to assist you in getting a mortgage in a Turkish bank for your property finance. The procedure is as follows:
• Required documentations are provided to the bank ( please contact us to get the list of required documents )

• An appraiser will be directed to your property for appraisal report

• The bank will inform you in maximum 5 business days with regards to your mortgage application

• You will be handed out the pre term sheet that you can use as a written promise to you

• A bank will present a pre term sheet to you which notifies your mortgage conditions. After you sign the pre term sheet you will need to pay the commitment fee

• Pre term agreement will be valid of four months. Meanwhile, the bank will be expecting you to arrange:

DASK: (nature disaster insurance) 
House insurance; İskan Ruhsati (house permission) 
Approval of the ministry of Defense (Savunma Bakanliği) 
Tax number and opening a demand deposit account

• After collection of all the documents mentioned above, the bank will give the final approval

• An appointment to pay out the loan and put the mortgage on the title deed at the Tapu office will be arranged

Features of the loan

Loan to valueMaximum 50% of the appraisal value (not always equal to the sales price)
Debt to incomeMaximum net salary to spend to installment for total loan position 50%
Valuation of incomeOnly salary income transferred to a bank account, average profit of the last 2 years, pension income
Maximum amountNo maximum
Minimum amount25.000 Euro
NationalitiesAll countries that have a reciprocal agreement with Turkey
Maturity10 years
Loan in Turkish LiraYes
Loan in EuroYes
Loan in DollarsYes
Loan in British poundsYes
Interest typesFixed
Early repaymentPossible (2% penalty fee)
Property valuationDone by the bank or appointed appraisal by the bank, pre-valuation paid by the bank
Age of application25 -70 years
Maximum age at end of maturity70 years
DASK: nature disaster insuranceTo arrange via bank
House insuranceTo arrange via bank
Life insuranceNo obligation
Off plan mortgageYes, with full bank guarantee from constructor for the total loan amount
Monthly installment paymentsAutomatic payment from a bank account
Validity of the pre offer4 months
Extension of validity of the pre offer (except interest rate)Until 18 months (1% extra commission required)
Please contact us for more information