Construction and Consulting

How to get a Mortgage in Turkey?

Akins would be glad to offer competitive mortgage rates from experienced Turkish Banks in Side, Antalya. You will also benefit from our knowledge about legal obligations, restrictions and procedures which are applicable for foreign citizens' property purchase and banking transactions. With an annual turnover of 75 million euros, Akins established strong relationships with the banks in Side and Manavgat since 1976.

The banking system of Turkey set up a trustable structure after the crise in 2001. World wide investors and institutes are share holders in most of the top ranking banks in the country. Mortgage loan to foreign citizens was applicable recently but had a great progress in the meantime.

Foreign buyers are able to get mortgage for off plan properties, which is a unique incentive in Turkey for home buyers. Its a very usual practice especially in coastal regions of Turkey which are preferred by the foreigners for a new apartment. Akins has special agreements with the banks which will provide the lowest rates in Turkey. These special rates are valid only for Akins buyers for off plan projects as well. The system can be summarized as follows;

• Required documentations are given to the nearest branch of the bank .
• An appraiser will be directed to your property for appraisal report.
• The branch will inform you in maximum 5 business days with regards to your mortgage application
• You will be handed out the pre term sheet that you can use as the banks written promise to you
• The bank will present a pre term sheet to you which notifies your mortgage conditions. After you sign the pre term sheet you will need to pay the commitment fee
• Pre term agreement will be valid of four months. Meanwhile, we will be expecting you to arrange:
  

  * DASK: (nature disaster insurance) * House insurance; İskan Ruhsati (house permission) * Approval of the ministry of Defense (Savunma Bakanliği) * Tax number and opening a demand deposit account

• After collection of all the documents mentioned above, the bank will give the final approval.
• An appointment to pay out the loan and put the mortgage on the title deed at the Tapu office will be arranged.

General features of a mortgage loan

Requested documentation for mortgage application

Official translation of all documents (other than Turkish or English) listed below into Turkish is required . A tax number is also required. The applicant shall apply to the local tax office in Turkey and get a tax number. Akins will assist all buyers to get tax number from the related local state Office.

• Official tax statement of the most recent year in the home country (for example P60)
• The official document that shows the applicant's credit history/records in the country where the applicant currently resides.
• Copy of the Tapu of the object that will be bought ("Kat mulkiyet tapusu" or "Kat irtifak tapusu + yapi kullanim izin belgesi")
• Copies of passports made and signed by the branch or notary
• Income statement of employers signed by the employer
• Official document/declaration from a public notary/cadastre that the person who signed the income statement is allowed to sign
• Bank statements declaring the income (not older than 3 months)
• Annual report of the holding company for the last two years together with a copy from the shareholder register
• Documents proving monthly financial obligations (rent, house loan installments, alimentation)
• Overview of private assets proven by official statements
• Overview of private debts proven by official statements
• Signed application form of the bank