Turkey Property Mortgages

Mortgages are now available for Turkish properties from a select number of European and Turkish lenders. Our recommended source is Denizbank, a leading Turkish bank with branches in all major towns in Turkey

How to get a Mortgage from DenizBank?

1. Please bring all the required documents to the nearest branch of your new house. Our friendly branch staff will inform you about all the conditions and benefits of the loan and answer your questions on the spot;  

2. After your approval we will complete the application form and start the application procedure;

3. The bank will send an appraiser to your house to be and appraise your property;

4. Maximum 5 working days later the branch will inform you about the offering that we can do to you;  

5. You will be handed out the pre term sheet that you can use as our written promise to you;  

6. After presenting the pre term sheet to you, you are asked to sign the pre term sheet and pay the commitment fee;  

7. 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.

 
8. After collection of all the documents mentioned above the bank will give its final approval and 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. Go to your nearest branch to ask for our current joint promotion with developers and ask for the special conditions.


The features of the loan:

Issue	Feature
Loan to value	Maximum 70% of the appraisal value (not always equal to the sales price)
Debt to income	Maximum net salary to spend to total loans installments: 50%
Valuation of income	Only salary income transferred to a bank account, average profit of the last 2 years, pension income
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	Yes
Loan in euro	Yes
Loan in Dollars	Yes
Loan in British pound	Yes
Interest types	Fixed
Early repayment	Possible (2% penalty fee)
Property valuation	Done by DenizBank or appointed appraisal by Denizbank, pre-valuation paid by DenizBank
Age of application	25 -70 years
Maximum age at end of maturity	70 years
DASK: nature disaster insurance, House insurance	To arrange via DenizBank
Life insurance	No obligation
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)

Supporting documentation for your mortgage application

Our inspection trips are heavily subsidised through our travel associates in the UK. Should you purchase a property, then the cost of your inspection trip will be refunded to a maximum of 0.5% of the purchase price of your property (for example �500 for a property purchased for �100,000).


Promotional Offers

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

* Official translation of all documents into Turkish is required (the branch is happy to assist on this).