We will be glad to assist you in getting a mortgage in a Turkish bank for your property finance. The procedure is as follows:
- Required documentations are provided to the bank ( please contact us to get the list of required documents )
- An appraiser will be directed to your property for appraisal report
- The bank will inform you in maximum 5 business days with regards to your mortgage application
- You will be handed out the pre term sheet that you can use as a written promise to you
- A bank will present a pre term sheet to you which notifies your mortgage conditions. After you sign the pre term sheet you will need to pay the commitment fee
- Pre term agreement will be valid of four months. Meanwhile, the bank will be expecting you to arrange:
DASK: (nature disaster insurance)
House insurance; İskan Ruhsati (house permission)
Approval of the ministry of Defense (Savunma Bakanliği)
Tax number and opening a demand deposit account
- After collection of all the documents mentioned above, the bank will give the final approval
- An appointment to pay out the loan and put the mortgage on the title deed at the Tapu office will be arranged
Features of the loan
Loan to value | Maximum 50% 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 | No maximum |
Minimum amount | 25.000 Euro |
Nationalities | All countries that have a reciprocal agreement with Turkey |
Maturity | 10 years |
Loan in Turkish Lira | Yes |
Loan in Euro | Yes |
Loan in Dollars | Yes |
Loan in British pounds | Yes |
Interest types | Fixed |
Early repayment | Possible (2% penalty fee) |
Property valuation | Done by the bank or appointed appraisal by the bank, pre-valuation paid by the bank |
Age of application | 25 -70 years |
Maximum age at end of maturity | 70 years |
DASK: nature disaster insurance | To arrange via bank |
House insurance | To arrange via bank |
Life insurance | No obligation |
Off plan mortgage | Yes, with full bank guarantee from constructor for the total loan amount |
Monthly installment payments | Automatic payment from a 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) |