MORTGAGE FOR FOREİGNERS İN TURKEY
DenizBank is the first Turkish bank giving Home Loans to foreigners in Turkey. Thanks to their specially developed loan appraisal system they respond to loan requests usually within 72 hours. Foreigners can face several different procedures and legal obligations. On your wish our office will assist you with all the procedures and applicationes.
I. How to get a Mortgage from DenizBank?
- Please complete all the required information (see point III.). Together with the bank branch you will discuss all the conditions and benefits of the loan.
- After your approval the bank will complete the application form and start the application procedure.
- The bank will send an appraiser to you house to value your property.
- Maximum 5 working days later the branch will inform you about the offering that it can do for you.
- You will be handed out the pre term sheet that you can use as their 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 during the period of maximum four months there are to arrange:
- DASK: (nature disaster insurance)
- House insurance; İskan Ruhsati (house permission)
- Approval of the Ministry of Defense (Savunma Bakanliği)
- Getting 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.
II. Features of the Loan
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Loan to value
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Maximum 70% of the appraisal value (not always equal to the sales price)
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Debt to income
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Maximum net salary to spend to installment for total loan position 50%
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Valuation of income
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Only salary income transferred to a bank account, average profit of the last 2 years, pension income
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Maximum amount
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No maximum
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Minimum amount
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€ 25.000
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Nationalities
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All countries that have a reciprocal agreement with Turkey. Click here for the full list
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Maturity
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10 years
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Loan in TL
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Yes
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Loan in euro
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Yes
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Loan in Dollars
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Yes
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Loan in British pound
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Yes
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Interest types
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Fixed
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Early repayment
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Possible (2% penalty fee)
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Property valuation
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Done by DenizBank or appointed appraisal by Denizbank, pre-valuation paid by DenizBank
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Age of application
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25 -70 years
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Maximum age at end of maturity
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70 years
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DASK: nature disaster insurance, House insurance;
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To arrange via DenizBank,
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Life insurance
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No obligation
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Off plan mortgage
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Yes, with full bank guarantee from constructor for the total loan amount
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Monthly installment payments
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Automatic payment from a DenizBank account
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Validity of the pre offer
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4 months
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Extension of validity of the pre offer (except interest rate)
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Until 18 months (1% extra commission required)
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