In March 2007, Turkey adopted a law under which foreign nationals are able to buy property in Turkey on credit. Mortgage loan can be granted to any foreign citizen who has the right to purchase real estate in Turkey.
Credit is given for up to 10 years. There is a possibility of early repayment of the loan with the commission of 2% of the amount due.
Interest on the loan depends on the lending bank and on the period for which the mortgage is issued, the average from 5,5 to 8 percent per year. The interest rate on the loan is fixed at the time of signing the contract for the entire loan term. Mortgage loan may be issued in various currencies (turkish lira, dollar, euro).
List of documents, required by banks, to provide mortgage in Turkey:
Please note that all documents submitted to the Bank must be translated into Turkish by a licensed translator and notarized. The decision to grant the loan is taken usually within 4-5 working days. The amount on which the loan may be issued shall be determined by the bank, after peer review of the property in Turkey by independent experts. Assessed value may differ from the market price.