Did you know that foreign property investors can apply for a mortgage in Turkey? Would you like us to make an application for you?
Buying a property in Turkey will hopefully not be only an enjoying experience for you, but also a great investment. The Turkish government encourages the entrance of foreign investors into the Turkish property markets, and there is plenty of demand worldwide. Furthermore now Turkish banks offer mortgage loans to foreign investors at reasonable payment schedules.
TAM is here to provide and assist you with the best opportunities on payment installments and interest rates vary depending on the bank that has to offer mortgage credits to foreigners.
The required documents in order to apply for a mortgage loan in Turkey are:
- Title deed for condominium ownership or for right of easement on individual section, of the house to be purchased
- Photocopy of passport or residence permit or an invoice containing the current address of the relevant person abroad
- Official tax declaration regarding the previous year, to be taken from the country where the client resides
- Latest quarterly pay roll signed by the employer abroad (for working persons) or retirement letter (for retired persons)
- Bank account book which contains the transactions in the relevant account in the latest 6 months period or credit card/credit account statement (approved by the bank)
- Reference letter for employees (approved by employer firm abroad)
- Official document certifying personal assets
- Credit Registration Bureau (CRB) Record from the country where the client resides
Copy of an invoice (water, electricity, etc.) proving the address of client in the country where he/she resides
* All of the documents are required for the “Borrower” and for “Surety”, if any, and it is essential that originals of these documents be shown at the time of application. Official translation of all documents other than Turkish or English to English is required.
How to get a Mortgage?
After the delivery of application form and other documents the application procedure will start.
If your application is pre-approved, an appraisal fee transfer will be requested to the account of the bank for the survey of the property.
Following the report result will be re-assess the application on the basis of the survey and if approved prepare an offer.
You are going to be asked to sign proposal within 3 weeks.
After signing the proposal, within a period of 3 months you need to obtain the following documents:
Approval of the Ministry of Defence (Savunma Bakanligi)
DASK (Compulsory Earthquake Insurance)
Set a date on which all parties will be present at the “Tapu” for the property transfer and mortgage on the title deed
The Customer Relationship Manager at branch will request the signing of the Home Financing Pre-Agreement Information Form, as well as the Home Financing (Mortgage) Agreement and the Payment Plan.
The title deeds will be signed at the Land Registry Office and the mortgage deed will be issued to the bank.