Obtaining a mortgage finance loan for the purchase of a property in Turkey is not so difficult and has helped thousands of foreigners buy real estate in Turkey.

To succeed, and applicant needs to know about the application procedures, the documents required, and the different types of loans available. 

Mortgages in Turkey fall into three general categories, the list mortgage types in Turkey includes local domestic mortgages, cross border mortgages, and Sharia compliant funding. Cross-border mortgage have the best terms, with interest rates currently ranging from 5%-8%, and loans available in USD, EUR, and GBP.  Local domestic mortgages are not especially attractive at the moment with monthly interest rates around 2%, or 24% annually ! As the Lira currency stabilises, expect this rate to drop, and property prices to jump…! 

For all mortgages in Turkey, the application procedures all require specific documentation.  All lenders require the following:

List of Documents Required for Cross-Border Mortgage Applications in Turkey

a)  Proof of Identification

b)  Proof of Current Address

c)  Proof of Repayment Capacity (Income) to determine Credit Limit

d)  Proof of Security (Property Value) to determine Loan Limit

Different lenders will require different documents to satisfy these requirements above.  An experienced mortgage advisor is the best person to assist in guiding an applicant on which documentation may be used, and where subsititue documents may be used, and how to apply the alternatives with a lender. In this regard the mortgage advisers at mytapu.com are very useful, with their first hand knowledge and experience,  having advised the banks on their product development and application procedures for mortgage finance in Turkey.

The application process for a mortgage in Turkey is not difficult, but is always going to be easier with an experienced adviser, that can save you time, and a great deal in repayments, with the right advice, knowledge, and experience.