Most of the major Turkish banks ( and overseas banks based in Turkey) can offer mortgages to non-nationals (of specified countries only), including Kuveyturk, Garanti Bank, Denizbank and AK Bank.
Please note, however, that mortgage applications are generally considered only if the Seller (or Seller’s representative) holds the appropriate Tapu for the property being purchased
Therefore, given that the Tapu is only issued once construction is completed (and approved by the Building Inspections Committee), mortgages would not normally be available for those properties being purchased either off-plan or in the early stages of construction. *
*However, a significant proportion of property in Turkey continues to be purchased either off-plan or at the early stage of construction. As long as a Buyer (requiring a mortgage loan) is able to self-finance a minimum of 50% of the purchase price, then developers will allow a flexible payment plan; the self-financed portion of the purchase price is paid in instalments over the duration of the construction period and the balance cleared with a mortgage loan some time after construction completion (this loan is applied for as soon as the Tapu has been issued).
All mortgage loan applicants (for both new build and completed properties) must be able to self- finance a minimum of around 50% of the total purchase price. The term of a typical mortgage will not exceed 10 years and the minimum value loan is around 30,000 Euros.
Mortgages are normally arranged on a repayment basis and it is sometimes possible to arrange a fixed – term deal for the duration of the term.
Applicant must have Tax Number and Military Permission to purchase should be in place at the time of application.
If two names are to appear on the Tapu (shared ownership of property), then a joint mortgage application should be made.
If just one name is to appear (sole ownership), then the mortgage application should be in that individual’s name only.