Are mortgage interest rates in Turkey extremely high? Please keep reading to find out how buyers can boost themselves financially…
A mortgage in Turkey – An Overview
In truth, we have investors interested in Turkey’s real investment projects. The big question is whether clients can acquire a mortgage with the housing sector in Turkey, or not? The answer is YES!
Again, is mortgage plans the best financial initiative?
Have a glance at mortgage plans and/or package in your own country for turkish properties.
Are these rates favorable? When it comes to Turkish mortgages for ex-pats, it is good to know that interest rates are extremely high, which may result in restrictions on your expenditures.
How much you could finance? If you select this method to finance your projects, the financial institution will offer something between 60-70 percent. This percentage is calculated using the value for your home or apartment.
Application for Mortgage in Turkey – Usual Documents
During this process, the bank requires some essential documents from mortgage takers.These documents include;
An enrolment form.
Notary sets off your passport.
General close up of your assets and debts- in this case, documents officially proven are a requirement. You should also be in a position to provide evidence of your financial statements.
If you have been employed, it’s good to note that an income statement becomes a MUST.
If you are a self-trader, you are needed to produce an annual financial report.
Another document required is the bank statement for the last 90 days.
You also need to have a taxation identity code/number from Turkey.
Have credit reports? Please don’t leave them behind.
Additionally, you are also required to produce a copy of title deeds for that home or apartment being purchased.
In conclusion, the banking institution will get a form for appraisal during the application procedures.
Most clients who want to reside in Turkey normally put their property on sale (in their own country of origin) to financially become stable. Being stable refers to having the ability to finance their housing projects in Turkey. We have got other clients who like summer holiday homes. When it comes to mortgage arrangements, these clients usually remortgage their current properties for at least a fraction of that price tag.
There is another choice which may suit your needs. Looking for off-plan houses combined with long-term payment procedures can help. Off-plans are very common in some regions like Istanbul city. We have other examples of housing projects like Istanbul Beylikduzu homes that range from 2-bedroomed apartments to 5-bedroomed homes.
The homes or apartments come along with several outdoor and indoor activities and facilities such as pools, baths, gym centers, and seductive home gardens. We cannot forget to mention the 24/7 security system put in place to ensure your maximum security.
A mortgage in Turkey- The Payment Breakdown
With all the facilities in place, it’s time now to plan on your payments. We have cash and partial buyers for houses in Turkey.
For those who wish to buy in a cash mode, there is a 13 percent discount. You can also opt for a 30 percent down payment and freely remit other monies in the agreed number of months.
In most cases, 36 months of installments do apply for cash depositors. Additionally, we have others who may opt to pay a 50 percent down payment with 48 months installments and others; a 50 percent down payment while the remaining balance can be cleared when the project is perfectly complete.
A mortgage in Turkey – Which are the Best places for Housing Deals?
We have cities across Turkey having great projects which are complete while others are ongoing. Developers are keen to ensure what you require is what you get and therefore, knowing your budget well is an important thing for every buyer. Furthermore, you should be in a position to know and understand your lifestyle needs, for they are greater determinants of “where to buy what.”
We have the best places in Istanbul, Fethiye, Bolu, and Antalya regions.
Need help with property in Turkey? Keep checking for more updates on current housing projects, contact us.
