Getting mortgage in Turkey
Do you dream of a house or a flat by the seaside, but you do not have enough money? Then you can use the system of mortgage, which has recently become very popular among buyers.
The mortgage can be issued by different banks of Turkey - Garanti bank, Deniz bank, Kuveyit turk bank, Fiba bank and others. Mortgage is the purchase of real estate with the condition of providing this real estate to the bank as a guarantee, i.e. the sum which is not enough is paid to the seller by the bank, the seller gives the purchaser tapu, and the bank gets mortgage to the real estate and becomes the full-fledged owner of the real estate, after that the purchaser makes monthly payments on credit to the bank in accordance with the credit agreement.
Citizens of Russia, Ukraine, Kazakhstan, Belarus have the right to get credit in Turkey for the purchase of real estate.
The credit can be obtained for the sum of 50% of the ready-made ownership. An independent evaluation organization shall evaluate the real estate, often the value and the market prices of real estate are not much different, that is why one may count on getting a mortgage of 50% of the cost of the flat or the house.
The percentage depends on the bank, the sum and the term of mortgage, currently it is 6.87-8.5%.
Credit can be obtained in Euro, U.S. Dollars, Turkish Liras, often the company registers credit in Euro, as the cost of contract in most cases is also in Euro.
Expenditures for the credit registration
BANK COMMISSION = 1.5 % OF THE CREDIT COST
EXPERTISE = 150 EURO
MORTGAGE DEPOSIT = 100 EURO
REAL ESTATE INSURANCE = DEPENDS ON THE FLOOR OF THE APARTMENT = 100 EURO
LIFE INSURANCE = DEPENDS ON THE AGE AND THE DECLARED CREDIT SUM
DASK (EARTHQUAKE INSURANCE) = 20 EURO
During one week, the bank will consider the credit application.
The documents the bank needs to provide credit to foreigners:
- the document on salary issued by the employer, record of the salary list, clearly stating the the date of employment, the position and the monthly income after taxes
- the document certifying competences of the person which issued the salary document
- the documents certifying ownership rights (for owners of real estate or land owners - the photocopy of the certificate of state registration of ownership, for vehicle owners - the photocopy of the vehicle technical passport)
- information on stable expenditures
- the document certifying credit history
- the record of the bank account received from the bank you cooperate with, certifying monetary flows
- the official document issued by the tax directorate, containing annual income and paid debts (Income tax-2)
These are the documents required by Kuveyit turk bank. But it is not necessary to provide them - the main thing is the salary certificate, the documents certifying ownership rights and the record of the bank account. There is no specific (obligatory) format. The bank will consider Turkish translations of these documents.
As a result, if the residential complex has been built or if you choose secondary real estate, for 50% you may get a credit, i.e. you should have 50%.
If you choose an option at the construction stage - the constructors may give you a delay of payment, while the residential complex is being built, when the residential complex is already constructed, for the last floors you may get a credit in the bank, the initial payment depends on the constructor and the project and is in the range of 10-40%.
Our company fully supports to register a mortgage transaction.
If you do not have time or wish to be personally present at credit processing, you may leave the power of attorney to us for the purchase of a specific apartment or a house.