How to apply for a Mortgage : -
1. The bank requires the property details for the new house . The branch staff will inform about all terms and conditions and benefits of the loan and answer any of your questions.
2. You will need to complete the application form and provide copies of documentation required .
3. The bank will send an appraiser to your house and appraise the property.
4. Approximately 5 working days later the branch will inform you about the offering loan they can offer.
5. You will be given a pre term sheet that you can use as the Banks written promise to you.
6. After presenting the pre term qualifying Mortgage sheet to you , you will be asked to sign the pre term sheet and pay the commitment fee .
7. The agreement information , Mortgage agreement and payment plan will all be signed as a beneficiary to the loan you will get life insurance house insurance and DASK insurance for the property to be purchased.
8. After collection of all the documents mentioned above the bank will give its final approval and will make an appointment to pay out the loan and put the Mortgage on the title deed at the Tapu office.
Features of the Loan
Loan to value Maximum 70% of the appıaisal value ( Not equal to sales value)
Debt to income Maximum net salary to spend to total loans installments 50%
Valuation of income Only salary income transferred to a bank account , average
Profit of the last 2 year, pension income
Maximum amount No maximum amount
Minimum amount 30,000 Euro
Nationalities All countries that have a reciprocal agreement with Turkey
Maturity 5,10 and 15 years
Loan in T.L Yes
Loan in Euros Yes
Loan in GBP Yes
Loan in Dollars Yes
Interest types Fixed
Early repayment Possible ( 2% penalty fee )
Property Valuation Done by chosen Bank
Age of Application 25 – 70 years
Maximum age at end of maturity 70 years
DASK (nature disaster insurance)
And House insurance To be arranged by chosen Bank
Life insurance No obligation
Monthly installment payments Automatic payment from chosen 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 )
Required documentation for Mortgage application
Employed Self Employed Retired
Official Tax statement of the most recent year
In the home country For example P 60 yes yes yes
Copy of the Tapu ( title deed) of object bought yes yes yes
Copies of passports made and signed by notary yes yes yes
Income Statement of employer signed by employer yes yes yes
Offical declaration from public notary that the person
Who signed income statement is allowed to sign yes yes
Bank Statement declaring income
(showing last 3 months) yes yes
Annual report of the holding company for the
Last two years together with a copy from the shareholder yes
Documents proving monthly financial obligations
(House loan installments, rent ) yes yes yes
Overview of private assets proven by official statement yes yes yes
Overview of private debts proven by official statement yes yes yes
Signed application form yes yes yes
Please note all official translation of all documents into Turkish is required ( the bank branch will assist )