Today you can buy your own apartment on the Turkish coast from 24,000 euros, but even this amount becomes significant for some. However, this is not a reason to give up your dream, as you can always count on a mortgage in Turkey. The advantages of mortgage lending are simple requirements for the borrower, the democratic cost of housing, an adequate amount of the initial payment. The mortgage interest rate ranges from 6 to 8%. Loan term from 5 to 20 years. Down payment from 40 to 50% of the cost of the object. However, we do not advise taking on a mortgage housing for investment purposes, since income from renting real estate will be less than overpayments on the loan. At the same time, buying a home for yourself on a mortgage is a rather profitable decision!
Mortgages in Turkey
Every year, the Turkish government and banks are trying to simplify the procedure for buying a home and make the conditions for obtaining a mortgage in Turkey more favorable for Russians. Lending in Turkey is carried out both in the national currency, Turkish lira, as well as in euros and dollars. Banks DenizBank, GarantiBank, AkBank, FortisBank work with mortgage lending in Turkey. Experienced specialists of our company accompany buyers at every stage of the process of obtaining a loan. Our experts will be able not only to select the optimal object for purchase, which will triple you in all respects. but also choose the most favorable credit terms.
Mortgage rate in Turkey
In connection with the current crisis due to the coronavirus pandemic in the world, Turkish banks have agreed to unprecedented terms of lending to citizens with a mortgage rate in Turkey at 0.67% per annum until August 2020. We regularly monitor the situation and expect that when the borders are opened, our fellow citizens will be able to take advantage of these most beneficial conditions.
In order to obtain a mortgage loan in Turkey for the purchase of real estate, a Russian citizen must submit to a Turkish bank, along with a corresponding application, a package of documents, previously translated into Turkish and notarized:
- documents confirming income;
- both official and additional;
- account statements;
- documents confirming the ownership of real estate and any valuable property;
- an appraiser's opinion on the value of the acquired object;
- tax number of a foreigner;
- a copy of the property certificate of the object;
- bank credit history.
The costs of obtaining a mortgage in Turkey for Russians are as follows: bank estimate 200-300 euros, bank commission 0.5%, insurance of the borrower's property 150-200 euros.
Our agency fully accompanies the buyer at all stages of work with the bank.
We must not forget that in Turkey, with its democratic prices, there is always an opportunity to purchase a desired object with an interest-free installment plan from developers for the entire construction period, and in some cases, you can also get an installment plan from home owners for finished objects.