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About Turkish Property Mortgage

Mortgages are now available in Turkey to foreign citizens and Turkish lenders . Our recommended sources are from Deniz Bank ,Garanti Bank,Kuveyt Turk Bank and Turkiye Finans

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

Issue                                                         Feature

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  )         

 

 

 

 

 

 

About Turkish Property Mortgage

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