What are the conditions for obtaining a real estate loan in Turkey?
Last Updated: 2023-07-27
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What are the conditions for obtaining a real estate loan in Turkey?
Not all investors can buy a property in Turkey without a bank loan, which is available in Turkey for foreigners. Find out through the Marsat Real Estate website about the possibility of taking a bank loan in Turkey
In this article you will read:
- Can a foreigner take a real estate loan in Turkey
- What requests does the bank make of a person who wants to obtain a real estate loan in Turkey
- The best banks that give real estate loans in Turkey
- Interest-free loans in Turkey
- Does the Turkish state grant real estate loans to foreigners on its land?
Can a foreigner take a real estate loan in Turkey, and how?
First, yes, as a foreigner, it is possible to obtain a loan from Turkey as easily as you do for the original citizen there, and you can obtain a real estate loan in Turkey through two methods:
First method: It is the least used and is through real estate companies located in Turkey that grant loans to those who want them, but there will be a return, which is that the buyer of the property in Turkey through the loan pays a sum of money on a monthly basis in which he pays the debt that he owes to the real estate company in Turkey. He may continue to pay these installments for a period of months up to about a year, and this method is not very desirable by those who resort to the real estate loan.
Second method: In order to grant the real estate loan, it is through the banks located in Turkey; Your dealings will not be with a specific person, but you will deal with the bank according to the conditions they request.
First, yes, as a foreigner, it is possible to obtain a loan from Turkey as easily as you do for the original citizen there, and you can obtain a real estate loan in Turkey through two methods:
First method: It is the least used and is through real estate companies located in Turkey that grant loans to those who want them, but there will be a return, which is that the buyer of the property in Turkey through the loan pays a sum of money on a monthly basis in which he pays the debt that he owes to the real estate company in Turkey. He may continue to pay these installments for a period of months up to about a year, and this method is not very desirable by those who resort to the real estate loan.
Second method: In order to grant the real estate loan, it is through the banks located in Turkey; Your dealings will not be with a specific person, but you will deal with the bank according to the conditions they request.
The requests that the bank requests from the person who wants to obtain a real estate in Turkey:
First, you have to determine the place or residential area in which you want to buy a property, and then you have to start preparing the official papers under which you will take the loan, which is the passport, and it must be translated into Turkish. And you must give them the identification number, or as it is called the tax number. You must have a copy of your passport. Also, a record extract from the loan department must be brought. Finally, to prove your opinion once and for all about the area that you have chosen, and the last step is to collect all these papers in a file and submit them to the bank with a request for a real estate loan.
What is the benefit for the person obtaining the real estate loan in Turkey:
It is true that all countries grant a loan, whether to the original resident or to a foreigner alike, but Turkey is distinguished from other countries in that it reduces the interest rate it takes on the loan, in order not to increase the economic inflation in the country. This feature in Turkey is what made the demand for residential real estate on the increase. If you are about to take a loan through the bank, you will see that the interest that you will pay on the loan is within the reasonable range so that you do not leave room to complain about the value of the amount that will be paid.
The best banks that grant real estate loans in Turkey:
We have the Turkish Halk Bank, which has a law that says that you have to pay the interest payments resulting from the loan over a period of fifteen years, which is approximately one percent per month of the amount.
There are also other banks, such as the Turkish Waqf Bank, and this bank grants a financial loan of a maximum of two hundred and fifty thousand Turkish liras only.
And the Zraat Partner Bank, and this bank is one of the best banks that grant loans, and the highest number granted is five hundred thousand Turkish liras.
Finally, the Bank of Zraat, which reduces the interest on the amount granted by a large amount, and because of this reduction, it reaps a large number of customers who deal with this bank.
Interest-free loans in Turkey:
Not all loans should have interest. There are loans that do not require interest. This depends, of course, on the person who will withdraw the loan and the type of work for which the loan is taken. If the loan is for an average project, the value of the loan is up to a maximum of three hundred thousand Turkish liras, provided that it is repaid within three years, not more. This decision issued by the Turkish government has a significance behind the development of the production process in these medium projects, and this does not mean that the banks do not want interest on loans; But the state is the one who pays the interest on behalf of the person for the reasons mentioned above.
- Does the Turkish state grant real estate loans to foreigners on its land?
The government of Turkey allocated real estate loans and organized financial supply programs for foreigners on its territory. If the foreigner desires to own and buy a property in Turkey, it gives him approximately seventy percent of the value of the purchased property, and the cities in which he can own are specified, which are the main cities only. It imposes on them financial interest on the amount of money borrowed at a rate not exceeding seven and a half percent, simply similar to the case of the original citizen, he has duties and rights, and there are conditions that he must abide by.
When you decide to invest in Turkey, there are many advantages that you may obtain, the lowest of which is tax exemption or reduction, and the highest is obtaining Turkish citizenship within only 90 days, but because of the great diversity of the cultural and real estate map in Turkey, you may fall victim to one of the real estate fraudsters, so in order not to be in this situation, you can communicate with the Mersat Real Estate team to take advantage of many of the services provided by the team, including our free services, “Property Evaluation.” Any property you wish to buy, you can send its details to our team and they will estimate the price for you, and one of the specialties of our professional team is to choose the best investment opportunities with feasible financial returns, managing investments, supervising buying and selling operations, providing all legal advice to our clients to reach the best result, obtaining Turkish citizenship and conducting real estate residency transactions.
Edited by Mersat Real Estate Team©
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