• Financing Options for Turkish Properties
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Financing Options for Turkish Properties

Financing options for Turkish properties

In Turkey, you can find a wide range of properties with various prices and different features. The country has various properties with wide price differences. While it offers a lot of affordable property options, it also comes with some costly properties. If you are looking at the various available financing options in the country, there are several. These include:

Developer financing

In Turkey, most developers across the country offer buyers financing options. This usually ranges between 2 and 5 years. However, the customer will have to pay a deposit of between 30% and 35% of the total payment. The remaining amount will be paid in installments. This financing option is usually offered at an interest of 0%. Most properties offered this way are either still under construction (off-plan) or new developments. 

Financing Options for Turkish Properties

Mortgage from Turkish banks

You can also access real estate financing from Turkish mortgage banks. You can get off-plan financing instruments from banks if the development is still being constructed. However, the construction company or developer will have to give you a guarantee. This way, you may be able to get about 70% financing which can be in pounds, Euros, or dollars. In addition, the interest rates for Turkish mortgages can be fairly high. 

Financing from your country

Before you think about getting Turkish financing, you may want to try out financing from your country. You can easily use this financing option to purchase any property of your choice in the country. This financing option works for villas, holiday homes, apartments, villas, beachfront properties, Yali mansions, and commercial properties. 


Turkish mortgage: The basics

In Turkey, you can easily access mortgages to buy your home. A majority of banks in the country may offer you about 70% of the total value of the property. Some other banks can limit the loans to about 65% of the value of the property. Also, many banks can limit their loan amounts to about $75,000 which is about 67,500 Euros. 

Factors involved in getting a mortgage in Turkey

Before lending you the purchasing amount, a lender may decide to carry out a property valuation. This is intended to act as a loan security. In most cases, a valuation from the bank will be between 10% and 15% lower than the average market value. This means that your equity will jump from a cash deposit of 30% to 45%. Another factor involved before you get a loan from a Turkish bank is known as the affordability test. This means that your monthly loan repayments should not be over 45% of what you earn every month. However, your rental income is not usually considered when the banks are looking at affordability. In addition, they will not consider the potential income you stand to earn from renting out the property. 

Real Estate Investment Strategies

Turkish interest rates

The interest rates in Turkey can be fairly high when it is compared to the US or other parts of Europe. Currently, you can get a 13% interest rate in Turkey – which is usually calculated annually. In addition, if you have great mortgage brokers, they may be able to help you get good mortgage deals from banks in other parts of Europe.

Many European banks offer Turkish property buyers very low mortgage rates. This is between 6% and 7% from a European bank which is compared to between 2% and 4% from a UK bank. 

Turkish loans for foreigners

In Turkey, foreigners can get fixed-rate loans – as this is what is commonly available for non-citizens. These are mortgages that require repayments and are not loans with interest-only payments. In Turkey, the mortgage is usually valid for between 10 and 15 years. While you may get a 25 year-term in France, this is not possible in Turkey. 


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