If you are one of the applicants for sea living in Turkey and want to have your own apartment or house in this resort country, but you do not have the necessary amount to buy, one of the acceptable options for you is a bank loan.
What is a mortgage and a mortgage loan?
A mortgage is a pledge of real estate, and a mortgage loan is the purchase of square meters, provided that it is mortgaged in a bank.
According to the Turkish statistical office, many foreign investors now use banking services to obtain loans. The number of such clients is growing every year, as is the number of mortgage transactions. The growing demand from banks for the purchase of real estate by foreigners indicates their confidence in the Turkish banking sector.
The conditions and procedure for granting a mortgage are the same for Turkish citizens and foreigners: the first payment is required for the selected property, then it is issued as real estate and mortgaged in parallel with the bank. The Client undertakes to pay for a longer period each month.
What is the best way to buy a house with a mortgage without large investments? To do this, contact one of the Turkish banks and find out the interest rate. As a rule, this value does not exceed 9% per year. During the term of the loan, the interest rate does not change, which is stipulated in the contract with the bank. The amount of interest depends on changes in refinancing rates, market development, etc.
The best recommendation of experts: seek help from brokers who are ready for the profitability of the mortgage. Unlike the buyer, the employees of real estate companies know all the subtleties of this topic, are well acquainted with the documentation, have built relationships with banks with the best credit conditions and speak Turkish at a professional level. You can also direct the buyer when buying an apartment in Turkey without a mortgage deposit (as insurance of existing real estate, with a guarantee of repayment of funds spent, etc.), as well as how to buy an apartment in Turkey on credit with subsequent rental. With the help of a real estate agent, buying an apartment with a mortgage is no more difficult than buying an apartment.
Interesting to know!
Foreign citizens wishing to own high-quality real estate by the sea receive an additional bonus when using the services of Turkish banks for lending: before approving a mortgage, institutions check the purity of all documents on state property, including TAPU. Business complex, building permits, etc. This is another guarantee in favor of the buyer.
Turkish banks are interested in lending to foreign citizens for the purchase of real estate, so the registration process is quite simple, and the default rate is low.
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