Buying a property with a mortgage loan

In Turkey, a lot of foreigners buy real estate with a mortgage loan. This is a profitable way to get housing and pay for it monthly in small amounts. Turkish banks give mortgage loans to foreigners willingly, our company regularly accompanies such transactions and helps its clients to get a mortgage. Previously, almost all banks in Turkey provided loans for the purchase of real estate in euros and dollars. But now some of the commercial organizations have abandoned this practice due to currency fluctuations, and loans are given in Turkish lira. But some banks, for example, Kuveyt Türk, continue to issue mortgages in euros. Loan amount The loan amount, as a rule, is 40-50% of the estimated value of the property. To take out a mortgage loan, the borrower submits documents and fills out an application on the bank's form. Next, the object that is taken into the mortgage is evaluated by a bank employee. The loan amount depends on this estimated value. As a rule, it takes no more than a week to review an application. If a foreigner buys real estate with the help of a real estate agency, everything goes even faster and easier. Mortgage rates are usually given for five or ten years. The longer the mortgage term, the higher the interest rate. The rates in different banks are different. Now, due to fluctuations in exchange rates, they change quite often. For example, at the moment in Kuveyt Türk Bank, with a loan in euros for five years, the monthly interest rate is 0.49%. And if you take a loan in euros for ten years, the monthly rate will be 0.54%. After signing the bank agreement, regardless of whether the bank rate increases or decreases, the borrower's rate will remain fixed throughout the entire repayment period. If the loan is repaid ahead of schedule, then penalties are charged. On average, depending on the bank, this is 2% of the net loan amount without bank commission. Documents for registration of a mortgage loan The set of documents in almost all banks is standard. There must be: a passport a certificate from the place of work on income for the last 3 months a certificate of a bank account, if there is one, then you need to provide information about the transit of money on the account for 3 months a tax number that is issued in tax Turkey, TAPU documents confirming the presence of property at home (car, apartment, etc.) a marriage or divorce certificate on the right of registration in Turkey the conclusion of the appraiser of the bank on the value of the acquired object of a certificate of additional income is not mandatory an extract from the credit history in the banks of your country, but it can be useful when applying for a loan, therefore, if possible, it is best to take it All documents must be in originals, and their copies translated into Turkish and notarized. Real estate transactions in a mortgage If the property is in a mortgage loan, it can be sold or rented out. If the property is supposed to be sold, then there are two options. 1. When selling, the buyer accepts the encumbrance on the loan in the Cadastral Office and then he pays it further. When selling, the buyer must know the exact amount of encumbrance and loan costs. 2. The seller removes the credit debt, removes a note in the Cadastre that there is an encumbrance and reissues the property in its pure form. Buying real estate with a mortgage is a convenient and easy way to purchase housing in Turkey, which has already been used by thousands of foreigners. We will help you with the execution of all documents, select the bank with the most optimal conditions and will accompany all stages of the transaction.

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