Mortgages in Turkey for Foreign Property Buyers
When you consider buying a property, financing is an important matter. Banks make it easier with their mortgage opportunities. Turkish banks supply mortgages to loanees up to 75% of the property value. The property value is audited by a sworn appraiser according to SPK (Turkish Capital Market Authority) regulations. This report contains a due-diligence, too.
Obtaining Mortgages in Turkey for a Foreigner
Foreigners may get a loan of up to 50% of the property value. Foreigners choose USD or Euro currencies as it is more advantageous than TL since it already contains inflation rates.
Generally, the mortgage process fails when a foreigner applies for credit because of communication gaps and lack of knowledge.Winners Group helps you apply for credit, once you have chosen the property you want to buy. Before going to the bank, all documents need to be prepared in accordance with the application process.
Once you have the required documents, we will help you open a bank account and apply for a mortgage. You will receive “preliminary approval” roughly 3 days later. After this approval, the bank will send a valuation appraiser to the property when you pay the appraisal report fee. Depending on the reported value, you may get up to 50% credit. After the final approval, the title deed conveyance process can begin.
Winners Group advises “leave the job to the professionals” if you will purchase a property with a mortgage in Turkey. It is many times proven that Winners Group manages the whole process very easily between the loanee and the bank.