If you can prove your income and that you have a good credit history, you are able to take a loan in a Turkish bank. Foreigners who are able to buy a property in Turkey with a title deed (TAPU) can apply for a loan in Turkey.
5 steps to apply for a loan in Turkey:
Rates available for Turkish property loans
- The first step is to come to an agreement with the bank about the conditions of the loan. How much you are able to loan, terms and conditions. On this stage of the process, you don’t need to provide any document etc.
- The second step will start when you have decided which property in Turkey you want to buy. In this stage, you will make a loan application to the bank. With the application, you’ll need to attach documents showing your income, identity, and address. After receiving all the necessary documents, the bank will run a credit check.
- In the third step, the bank will value the property you want to buy. This is to make sure that the price you are the bank has agreed on is correct and all the legal requirements are met.
- Step four will begin when the bank is satisfied with the terms and valuation of the property. You will then receive the formal finance offer from the bank. As soon as you have signed and returned the offer to the bank, the bank will provide you with your finances.
- In the fifth step, a lawyer is organizing the transfer of the titles of the property so they will be in your name, and the property will be legally yours.
The maximum loan amount you can apply for is 70% of the property value. This means that you have to deposit a minimum of 30% of the property value.
Feel free to contact us if you are interested in applying for a loan for the property in Turkey you want to buy. Summer Home Real Estate is no financial advisor but we can give you general guidelines and help you get in contact with a suitable bank.