About Mortgages in Turkey

Turkish Mortgages Rates for purchasing a property in Turkey (including Turkish residential property) are from approx 4.80% Other currencies are available – Euros, Sterling, Swiss Francs and US Dollars.

Please note, that if the property is being built, funds are not available until completion and the property has been legally registered in your name.

If you are considering purchasing a property in Turkey, Turkish Mortgages are available for the majority of Nationals for either House Purchase or re-financing for Home Improvements. Mortgages for other purposes may also be considered.
We are able to obtain pre-approval of mortgages for customers, so whether you are at the very early stages of thinking about purchasing a property in Turkey, already found your new property, or currently have a mortgage on your Turkish home and wish to save money

Can I Get a Mortgage in Turkey?

I am a foreign national – can I get a mortgage in Turkey?

Almost any nationality can now apply

How much can I borrow?

Minimum: €30,000
Maximum: Up to 50% of the purchase price. 100% mortgages are available if the property is purchased at a significant discount
Regions: Any region in Turkey

What type of mortgage is available and what is the term?

Repayment basis only for a maximum of 20 years – up to age 75. Maximum term is 20 years.

What proof of income do I require?

Required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available).

What is the current rate of interest?

From approx 4.80% fixed for one year in Euros.

Do I need Insurance on the property?

Yes, it will be a condition that your building insurance is taken with the mortgage lender

What currency can I borrow in?

You can borrow in Swiss Francs, Euros, Sterling or US Dollars.

What if I have adverse credit, like late payments, CCJs or defaults?

Please still contact us – we have an option for you even if your credit has not been perfect in the past.

Mortgage in Turkey

  • 1. Buying a house in Turkey as a foreigner
  • 2. How to get a Mortgage from DenizBank?
  • 3. The features of the loan
  • 4. Requested documentation for your mortgage application
  • 5. Loan Rates

Buying a second house (with a mortgage) in Turkey is a great decision that will give you a lot of pleasure and joy. Getting to that point is not always easy. Foreigners can face several different procedures and legal obligations. DenizBank is the first Turkish bank giving home loans to foreigners in Turkey. This makes us the most experienced bank and the best partner in making your dream come true. Besides the mortgage we offer a full service in setting up your daily financial life in Turkey. Therefore we can easily say: at DenizBank we finance your dreams.

1.Buying a house in Turkey as a foreigner

Turkey has a reciprocal agreement for the purchase of land and property with many countries. This means that the people of these nations that allow Turks to buy land in their countries, can in return, buy land in Turkey. Foreigners may purchase in their own name if the property is outside military zones. Based on these agreements foreigners of the following countries are eligible. England, Germany, Australia, Austria, Belgium, France, Holland, Ireland, Spain, Italy, Canada, Luxemburg, Norway, Greece, Russia as well as some African and South American states. These are currently.

No matter where the land or the house may be situated if the buyer is a foreign person, the deed office has to officially ask the prior approval or permission of the highest military command of the area before transferring the title (Approval of the ministry of Defense: Savunma Bakanligi). The duration of the request for permission is estimated on 30-60 days. The reasons for this are to ensure that foreign buyers will not acquire a property within military zones. No land or property within forbidden regions and safety regions can be sold, transferred or rented. (Forbidden regions – Military zones).

More and more foreigners are interested in buying property in Turkey. In 2006 around 50,000 purchases from foreigners have been taking place. More and more foreigners are looking for financing their new property at a local bank.

Foreigners, with different behavior/features, require a different application approach. Therefore DenizBank has developed mortgage loans specially for foreigners.

2. How to get a Mortgage from DenizBank?

  • Please bring all the required information to the nearest branch of your new house. Together with the branch you will discuss all the conditions and benefits of the loan.
  • After your approval we will complete the application form and start the application procedure.
  • The bank will send a appraiser to you house to value your property
  • Maximum 5 working days later the branch will inform you about the offering that we can do to you.
  • You will be handed out the pre term sheet that you can use as our written promise to you.
  • After presenting the pre term sheet to you, you are asked to sign the pre term sheet and pay the commitment fee.

After signing a period of maximum four months starts to arrange:

  • DASK: (nature disaster insurance)
  • House insurance; Iskan Ruhsati (house permission)
  • Approval of the ministry of Defense (Savunma Bakanligi)
  • Tax number and opening a demand deposit account
  • After collection of all the documents mentioned above the bank will give its final approval will make an appointment to pay out the loan and put the mortgage on the title deed at the Tapu office
  • Off Plan Mortgages
  • DenizBank makes deals with project developers to finance uncompleted houses in a project. Sometimes DenizBank gives loans before completion of the house or gives you upfront the commitment that DenizBank will pay out a loan after completion at upfront agreed conditions. Go to you nearest branch to ask for our current joint promotion with develops and ask for the special conditions.

3. The features of the loan

Issue                                                  Features

Loan to value                                     Maximum 65% of the appraisal value (not always equal to the sales price)

Debt to income                                  Maximum net salary to spend to installment for total loan position 50%

Maximum amount                              No maximum

Minimum amount                               € 30.000 euro

Nationalities                                      All countries that have a reciprocal agreement with Turkey.

Maturity                                             5,10,15 and 20 years

Loan in YTL & EURO & GBP                Yes

Interest types                                    Fixed

Early repayment                                possible (2% penalty fee)

Age of application                              25 – 70 Years

Maximum age at end of maturity        70 years

Life insurance                                    No obligation

Off plan mortgage                              Yes, with full bank guarantee from constructor for the total loan amount

Monthly installment payments            Automatic payment from a DenizBank account

Validity of the pre offer                      4 Months

Extension of validity of the pre offer (except interest rate)          Until 18 months (1% extra commission required)

4. Requested documentation for your mortgage application

  • Official tax statement of the most recent year in the home country (for example P60)
  • Copy of the Tapu of the object that will be bought (only for existing objects)( Kat mulkiyet tapusu or Kat irtifak tapusu + yapi kullanim izin belgesi)
  • Copies of passports made and signed by the branch or notary
  • Income statement of employers signed by the employer
  • Official document/declaration from notary/cadastre that the person who signed the income statement is allowed to sign
  • Bank statements declaring the income (not older than 3 months)
  • Annual report of the holding company for the last two years together with copy of shareholder register
  • Documents proving monthly financial obligations (rent, house loan installments, alimentation)
  • Overview of private assets proven by official statements
  • Overview of private debts proven by official statements
  • Signed application form