Although many property buyers have ready cash, some look to getting a mortgage in Turkey as an alternative way of getting on the Turkish real estate ladder. Here at Istanbul Homes, we help you navigate the bank process to fund your purchase, but there is also another alternative.
Many construction companies in Turkey offer 0% interest long-term payment plans on off plan or newly constructed apartments and villas. Repayment terms vary from 12 to 60 months and suit all types of buyers from the age of 25 to 70 years old because you don’t have to buy appraisal costs, pay interest, or fill in lengthy amounts of paperwork.
See apartments to buy directly from construction companies using credit here, and for further information on any flat or villa and the payment process, just contact us. Otherwise, below is an outline of the mortgage process.
Getting a Mortgage in Turkey
Staff at Istanbul Homes can help prepare your application, of which you’ll need the following documents.
• Address verification (Residence Permit or utility bills)
• Photocopy of the title deeds for the property you want to buy
• A Turkish Tax number
• Apostilled and translated proof of three months of salary
• Notarised copies of your passport
Once you have filled in the application form, submitted it and opened a bank account, they will initially give a pre-approval answer. Within three to four days, an expert will visit the property to appraise it.
Upon approval, the payment and handing over of the title deeds take place, and you can move in. Please note, Turkish banks will only give approval if the property has no existing debt attached.
For more information on interest-free payment plans or about getting a mortgage in Turkey, contact us via telephone, email or by dropping into one of our local offices situated around the country.