Mortgage loan in Turkey


Assistance in obtaining a mortgage

Many of us would like to have their own “”cozy corner”” on the sunny Mediterranean coast, where, being tired of the hustle and bustle of the daily routine, you can get away for a little while, forget about the intrusive reality, plunge not only in the tender sea, but also in the serenity, beauty and comfort.

However, unfortunately, for most of us purchasing real estate on the Turkish land, largely due to the lack of funds or unwillingness to spend all your savings at once, to this time has been something like a mirage.

But things have changed!

Memoshome, together with turkish banks, is pleased to announce that now foreign citizens can obtain a mortgage loan in Turkey.

So let the question of buying real estate in Turkey now become for you not a rhetorical one, but one that is open, clear, and capable of being very quickly settled, and our company will always be ready to become your faithful captain and guide in the sea of Turkish real estate and banking.


General terms and conditions for the obtaining of a mortgage loan for individuals with foreign citizenship in Turkey.
1 – Maximum loan percentage – up to 50% of the appraised value of the real estate
2 – Financed property type Existing housing
3 – Monthly payments Maximum 50% of the gross monthly income of the Borrower
4 – Maximum loan amount Not limited
5 – Minimum loan amount 25.000 Euro
6 – Payback period From 12 to 180 months (15 years)
7 – Loan currency Euro, U.S. dollar, British pound, Turkish lira
8 – Interest rate type Fixed rate
9 – Early repayment opportunity With 2% penalty
10 – Expert examination / Appraisal To be performed by a special expert company of the bank. Payable by the Borrower. Average cost is about 150 euros.
11 – Borrower’s age 25-70 years old. Thus, a Borrower who is 60 years old can receive a loan only for 10 years, and a Borrower who is 65 years old — only for 5 years!
12 – Maximum term of a loan 15 years
13 – Insurance Mandatory DASK — against earthquakes, total property insurance, Borrower’s life insurance
14 – Life insurance Mandatory
15 – One-time fee for loan processing 2% + additional costs for the expert examination of the object and all types of insurance — to be paid by the Borrower at the time of loan payment by the bank
16 – Bank’s offer validity period 4 months, and there is the possibility of extension to 18 months, with an additional fee of 1%
Notes: Obtaining a loan is possible only for foreign citizens-individuals! Getting a loan in the name of a company for foreign nationals who established this company in Turkey, or foreign citizens who have a company in another country of the world under these conditions is not possible!
Interest rates for direct mortgage lending:
Months 12 24 36 48 60 72 84 96 108 120
EUR 0,65% 0,65% 0,65% 0,65% 0,65% 0,65% 0,65% 0,65% 0,65% 0,65%
USD 0,65% 0,65% 0,65% 0,65% 0,65% 0,65% 0,65% 0,65% 0,65% 0,65%
GBP 0,70% 0,70% 0,70% 0,70% 0,70% 0,70% 0,70% 0,70% 0,70% 0,70%
RUB 1,0% 1,0% 1,0% 1,0% 1,0%
TL 1,09% 1,09% 1,09% 1,09% 1,09% 1,09% 1,09% 1,09% 1,09% 1,09%
Interest rates for loans secured by already existing real estate in Turkey:
Months 12 24 36 48 60 72 84 96 108 120
EUR 0,80% 0,80% 0,80% 0,80% 0,80% 0,80% 0,80% 0,80% 0,80% 0,80%
USD 0,80% 0,80% 0,80% 0,80% 0,80% 0,80% 0,80% 0,80% 0,80% 0,80%
GBP 0,90% 0,90% 0,90% 0,90% 0,90% 0,90% 0,90% 0,90% 0,90% 0,90&
TL 1,05% 1,05% 1,05% 1,05% 1,05% 1,05% 1,05% 1,05% 1,05% 1,05%
When you are processing a loan for purchasing a commercial property — a shop, a shopping center, industrial facilities, etc., there appears an additional KKDF tax with a floating rate, which is calculated individually depending on the amount of the loan and its terms.


Documents required to obtain a mortgage loan For employed persons For those who own their own business For pensioners
1 – The tax return for the last year, issued in the Borrower’s country. Form NDFL-2 * * *
2 – The photocopy of Tapu and Technical Passport of the property being bought * * *
3 – A certified by the bank or notarized photocopy of the foreign passport. * * *
4 – Information letter on salary issued by the director/employer. *
5 – A notarized signature of the director/employer. The document must necessarily be notarized and apostilled. *
6 – Statements on the Borrower’s bank accounts cash flow (for the last 6 months). * *
7 – Data on the activities of the company for the last 2 years, provided in conjunction with a list of the co-owners of the company. *
8 – A document showing the Borrower’s monthly expenses (payment of apartment rent, payments on loans, expenses for food, etc.) * * *
9 – Documents confirming the Borrower’s title to property (real estate, vehicles, stocks, bonds) * * *
10 – A document evidencing that the Borrower has no loan or other debts to a bank or any other structure. * * *
11 – A signed by the Borrower application for the mortgage loan. * * *
12 – Tax number received in Turkey. * * *
13 – Turkish residence permit.



Loan obtaining procedure:

Once the specialists of our company, together with you, have prepared all the necessary documents and translated them into Turkish, they will be delivered to the Bank for examination.
The Bank will invite an expert real estate appraiser, analyze the documents and issue a preliminary loan approval, which indicates: loan amount, its term, interest rate and other conditions.
Standard bank offer period — 4 months. At this stage the Borrower must pay for the expert company services in the amount of approximately 150 euros.
After that starts the procedure of (Tapu) Certificate of Title registering on the real estate Buyer. At the time of Tapu transfer to the new Owner, the bank imposes the mortgage encumbrance on it.
To make possible Tapu transfer to the Borrower and, respectively, loan obtaining, all the permits from the Office of Cadastre in Ankara (it is not required for Russian citizens) and the Military Department in Izmir (it usually takes from 2 to 4 months) must be obtained.
Once the Buyer has received the certificate of title, the loan will be paid to the real estate owner by the Bank by a direct transfer into his/her account.
At the time when the loan is paid the Borrower must pay the additional expenses of the Bank at the rate of 2% of the loan amount + the cost of the various types of insurance.