Property buying guide for Turkey
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Mortgages in Turkey

In Turkey, both existing and newly-built properties can be purchased with a loan. The mortgage rates in this country are higher than in the EU. As such, it is beneficial to buy newly-built property with interest-free installment plans available from the developers for 12-18 months.

Maximum LTV ratio 50-60%
Fixed rates 6-9% per annum(in terms of euros)*
Loan term From 6 months to 15 years
Minimum age of borrower 25
Maximum age of borrowerby the end of the loan term 60
Maximum percentage of monthlyincome for mortgage 30%

*Turkish banks only grant foreign currency loans to foreign nationals.

Documents

Prospective lendees must submit the following documents to Turkish banks:

  • passport
  • ownership certificate (Tapu) copy
  • proof of income (salary statements for employees, company documents for business owners)
  • bank statements for the previous three months
  • credit history report
  • property insurance statement
  • proof of existing assets (securities, property, vehicles)
  • Turkish tax identification number
  • proof of additional income, if applicable.

All the documents must have Turkish translations and be notarised.

Loan applications usually take 5-7 business days for approval.

Extra costs

Non-recurring mortgage costs in Turkey typically range between €250 and €350. The buyer also pays a fee equal to 1-1.5% of the loan value. Insurance generally costs €200–250 per year.

Property appraisaland Due Diligence(approximate amounts) €250-350
Borrower's life andproperty insurance(approximate amounts) €200-250per annum
Mortgage arrangement fee 1-1.5% of theloan value
Early repayment penalty 2% of theremaining debt

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    Property buying guide for Turkey
    Article 3 of 6
    Tranio’s managers offer advice on buying real estate in Turkey
    Maria Zharaya
    Maria Zharaya
    Head of Tranio Turkey
    +44 17 4822 0039
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    • Residence permit support
    • Mortgage rates from 6%
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