INFORMATION ABOUT TURKISH MORTGAGE AVAILABLE FOR FOREIGNERS IN TURKEY
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ISSUE
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FEATURE
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| Loan to value |
Maximum 60% of the appraisal value (not always equal to the sales price) |
| Debt to income |
Maximum net salary to spend to installment for total loan position 50% |
| Valuation of income |
Only salary income transferred to a bank account, average profit of the last 2 years, pension income |
| Maximum amount |
€ 300.000 euro |
| Minimum amount |
€ 30.000 euro |
| Nationalities |
All countries that have a reciprocal agreement with Turkey (U.K is included ) |
| Maturity |
5,10,15 years |
| Loan in YTL |
Yes |
| Loan in Euro |
Yes |
| Loan in Dollars |
Yes |
| Loan in British Pound |
Yes |
| Loan in Swiss Frank |
Yes |
| Interest types |
Fixed |
| Early repayment |
Possible (2% penalty fee) |
| Property valuation |
Done by authorized officer (costs 500 YTL - Turkish Lira ) |
| Age of application |
25 -70 years |
| Maximum age at end of maturity |
70 years |
| DASK: nature disaster insurance, House insurance; |
To be arranged via bank that provides mortgage |
| Life insurance |
Not an obligation at all times but usually required ( to be arranged via bank that provides mortgage ) |
| Monthly installment payments |
Automatic payment from 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) |
Requested documentation for your mortgage application in Turkey
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Employed
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Self Employed
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Retired
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Official tax statement of the most recent year in the home country
(for example P60) |
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| Copy of the Title Deed and House Permission of the object that will be bought |
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| Copies of passports made and signed by the bank or notary |
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| Income statement of employers signed by the employer |
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| Official document/declaration from a public notary/cadastre that the person who signed the income statement is allowed to sign |
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| Bank statements declaring the income (not older than 3 months) |
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| Annual report of the holding company for the last two years together with a copy from the shareholder register |
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| Documents proving monthly financial obligations (rent, house loan installments, alimentation) |
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| Overview of private assets proven by official statements |
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| Overview of private debts proven by official statements |
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| Signed application form |
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• Credit Bureau record from applicant's home country will be required.
• Utility, cable or telecommunication bill stating the address of the customer in the home country will be required.
• Official translation of all documents into Turkish is required (we will be happy to assist on this).
Please ask for current interest rates.
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