Mortgage availability in TURKEY
Mortgages are now available to non-residents in Turkey, to enable foreigners to purchase property. Minimum 50% of the official property value as advised by the lending bank’s expert can be loaned. Over a maximum 10 year period, with a limit ceiling of 500.000YTL or foreign currency equivalent, loans can be given in USD, EURO or New Turkish Lira (YTL), with fixed interest rates for the whole loan duration period. House, life and building’s natural disaster insurances (DASK) must be taken out
To apply for a mortgage, the documents that must be provided are;
• Non-resident’s application form (available from the bank)
• Photocopy of passport
• Applicants credit record from their own country
• Proof of residance in their home country (Utility, telephone or cable bill)
• Turkish tax number
• Surveyors valuation report