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Mortgage Process
- The bank will send an appraiser to your chosen property for valuation.
- Within 5 working days, the bank will inform you of their mortgage offer.
- The bank will write to you enclosing their ‘Pre-Term’ mortgage offer.
- If you agree the terms and conditions in the Pre-Term offer, you are asked to sign and return it to the bank, together with your commitment fee.
- You will then have up to four months to arrange the following which we will help you with:
- DASK (earthquake) insurance on the property
- Buildings Insurance
- Iskan Ruhsati (House permission)
- Military Check/Clearance on the property
- Tax number (obtained from Kas)
- Opening a bank account
- After presenting the above documents to the bank, they will approve your application, pay out the loan and put the mortgage on the Tapu (title deeds).
Off-Plan Mortgages
Dependent upon the nature of the project, you may be able to borrow before completion of the project or at least have a firm commitment from the bank that they will pay out upon completion. You should always discuss this thoroughly before purchasing your off-plan project.
Loan Features
- Loan to value Maximum 70% of the appraisal valuation (not always the sales price)
- Debt to income Maximum net salary to total loans
- Value of income Only salary income transferred to a bank account, average profit over the last 2 years, pension income
- Maximum amount No maximum
- Minimum amount 30,000 euros
- Nationalities All countries that have a reciprocal agreement with Turkey
- Maturity 5, 10, 15 and 20 years
- Loan in YTL Yes
- Loan in Euro Yes
- Loan in Dollars Yes
- Loan in Pound Sterling Yes
- Interest Types Fixed
- Early repayment Possible (2% penalty fee)
- Property valuation Required
- Age of application 25 – 70 years
- Max age at end of maturity 70 years
- DASK & Building Insurance To be arranged by bank
- Life Insurance Not required
- Off plan mortgage Yes, with full bank guarantee from constructor for the total loan amount
- Monthly loan payments Direct debit from Turkish bank account
- Pre-offer valid for 4 months
- Extension of pre-offer Until 18 months (1% extra commission required)
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Employed |
Self-Employed |
Retired |
| Official tax statement of the most recent year in the home country (eg: P60) |
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| Copy of the Tapu |
x |
x |
x |
| Passport |
x |
x |
x |
| Signed income statement from employer |
x |
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Official tax statement of the most recent year in thehome country
(eg: P60) |
x |
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| Bank statements declaring income (not older than 3 mths) |
x |
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x |
Annual report of the holding company for the last 2 years plus a copy from the shareholder register |
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x |
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Documents proving monthly financial obligations (eg rent mortgage, loans) |
x |
x |
x |
| Overview of private assets proven by official statements |
x |
x |
x |
| Overview of private debts proven by official statements |
x |
x |
x |
| Signed application form |
x |
x |
x |
Questions? Contact Us
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