Mortgages in Turkey

Mortgage Law was adopted in Turkey March 6, 2007. Check out the mortgage can only be objects that are in the cities, where there is no ban on the sale of real estate to foreigners.

Turkish banks today are very interested in providing loans to foreigners. Easy registration procedure. Conditions for obtaining a mortgage are the same for residents and non-residents, it differs only in the interest rate. The interest rate on a mortgage in Turkey is fixed at the time of signing the contract. Its size depends on various factors. For example, the situation in the mortgage market or changes in the refinancing rate. Mortgage can be taken only in the Turkish bank as the security of foreign real estate to take credit in Russia is practically impossible.

 So to get a mortgage loan to a foreigner requires the following documents:

    1.Pasport (to confirm registration) and foreign - with a certified translation into Turkish;
    2.Copy certificate of ownership, which is taken for the acquisition of credit (Tapu);
   3. A copy of the registration certificate of the building ("Search"), confirming that the building and there is suitable accommodation (taken from the developer);
   4. The registration number of the taxpayer;
    5.2 personal income tax (income statement) or other certificate confirming the borrower's income; entrepreneurs need a document certifying permanent income (an excerpt from the tax, billing records, certified by the bank and so on.);
    6.podtverzhdenie presence of a bank account, detailing his or opening a bank account in which get a loan;
    7.vypisku bank account, confirming the existence of the account of the value of the apartment (depending on the bank - up to 50%), or proof of payment Seller of this part;
    A completed application form for a mortgage, as well as other documents prepared in Turkey.

Foreign nationals provide a loan, many banks in Turkey. The loan may be issued in Turkish lira, US dollars or Euros.

The loan terms up to 10 years. The initial fee is generally 50%. Bank loans up to 50-60% of project cost. The average monthly rate of 0.6% in dollars or euros.

Assesses housing independent organization. From experience it can be noted that if the housing is acquired by adequate market price, do not expect a substantial undervaluation assessor.

The maximum loan amount depends on the borrower's income. In general, the maximum size of the loan - usually 250 thousand euros and the minimum - 25 000 Euro.

It is worth remembering that the monthly mortgage payments should not exceed 50% of the declared monthly income of the applicant (in some banks, this figure is lower, about 30%). Age of the borrower at the time of repayment of the mortgage lending must not exceed 70 years.

The possibility of early full or partial coverage of credit with the commission of 2% of the amount of the repayment. To make monthly mortgage payments you must open an account in a Turkish bank, which will be charged with a fixed amount.

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