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Mortgage In Turkey

Posted by cosmos on 05/01/2024

Mortgages in Turkey for Foreign Property Buyers

When contemplating property acquisition, financing becomes a pivotal consideration. Facilitating this process, Turkish banks offer mortgage opportunities, extending loans up to 75% of the property value. The property’s valuation is meticulously assessed by a certified appraiser in compliance with SPK (Turkish Capital Market Authority) regulations, encompassing a comprehensive due diligence report.

Obtaining Mortgages in Turkey for Foreigners

Foreign buyers can secure a loan of up to 50% of the property value. Opting for USD or Euro currencies is commonplace, given their inherent advantages over the Turkish Lira, which already factors in inflation rates.

However, challenges often arise during the mortgage application process for foreigners due to communication gaps and a lack of knowledge. Winners Group streamlines this process by assisting with credit applications once the desired property is identified. Thorough preparation of all requisite documents in alignment with the application process precedes the bank visit.

Upon assembling the necessary documentation, Winners Group aids in initiating a bank account and submitting the mortgage application. A “preliminary approval” is typically granted within approximately three days. Subsequently, upon payment of the appraisal report fee, a valuation appraiser is dispatched by the bank to assess the property. Depending on the reported value, borrowers may secure up to 50% credit. The final approval sets the stage for the commencement of the title deed conveyance process.

Winners Group Guidance

Winners Group strongly advocates entrusting the intricacies of property acquisition with a mortgage in Turkey to seasoned professionals. The group has consistently demonstrated its adept management of the entire process, fostering seamless communication between the borrower and the bank.

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