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How to apply for a mortgage?

Prior to 2007, most houses in Turkey were financed via leases. Legislation passed in 2007 led to the introduction of mortgages, similar to those available in much of Europe and the United States. Mortgage repayment periods typically range from 5 to 20 years and many providers stipulate that the mortgage holder must repay their mortgage before they reach a certain age. Applications for a mortgage must be supported by clear evidence of the ability to keep up with repayments.

In Turkey, there are other fees which need to be paid, in addition to the purchase price of a property. These include fees associated with registration (lawyer, notary, interpreter and permits), which are usually about one percent of the purchase price.

The following fees are shared between the buyer and the seller:

Property tax is a municipal tax on both land and property. The rate depends on the property's classification. In the year that the property is sold, it should be paid by the seller, with the buyer taking responsibility the following year. The buyer should inform the local authority of the price paid for the property.

Earthquake insurance is compulsory when buying a property.

So you’ve decided to buy property in Turkey but you haven’t got enough money? Not a problem! We will tell you everything you need to know about getting a mortgage in Turkey.

Покупка квартиры в кредит
  1. We will take you to the nearest branch of DenizBank, Akbank, Küveyt Türk, Garanti Bank or any other, where we will discuss the best conditions of mortgage with an advisor;
  2. You will fill in the application form and the bank will start the assessment of the credit;
  3. The bank will send the appraiser to assess your future home;
  4. Within 5 working days the bank will inform you of their decision;
  5. You will receive the guarantee bank letter to collect the necessary documents;
  6. After receiving the guarantee you have to pay the bank’s services for issuing the credit;
  7. Within four months you have to submit the following documents:
  • DASK: (real estate insurance from natural disasters)
  • Iskan Ruhsati: (the certificate on house input in operation)
  • Permission from the Ministry of Defence of Turkey on acquisition of real estate by you
  • National insurance number received in local internal revenue service
  • The additional documents provided by the borrower
  • Open bank account

After collecting all documents, you obtain the credit and you can purchase real estate.

In individual cases the bank can consider questions of financing the purchase of objects under construction.

Credit size

50-60% of estimated cost (not always corresponding to market price)

Limit of monthly payment

Maximum 50% of the monthly income

Income assessment

Income received over last two years, including pension

Maximum sum


Minimum sum



Citizens of all countries having the right of purchase of real estate in Turkey

Length of credit

5-15 years

Credit in Turkish lira


Credit in Euro


Credit in USD


Credit in GBP


Purpose of credit


Early repayment

Possible (2% penalty commission charges)

Property assessment

At bank’s discretion

Age of the borrower


Maximum age of the borrower


DASK: (real estate insurance from natural disasters)

Registration through crediting bank

Life insurance

Not applicable

Monthly repayment

Automatic payment from the bank account

Accompanying documents necessary for issuing of the credit.

Salary-earning employees

Company owners


Reference letter from the tax office for the last year (from the originating country)

The copy of Tapu (certificates of real estate ownership) for the acquired property

Certified photocopy of the passport

The letter of employment and salary issued by the employer

Certified reference letter confirming personality signed by the employer

The letter of receipt of funds on the bank account (no later than 3 months)

Statements of accounts for the last 2 years. Photocopy of partners letters

Monthly expenses letters (rent, payments by installments for real estate, expenses)

Documents on possession of property

Completed application form

All documents should be officially translated into the Turkish language.

Author: RestProperty

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Apartments in Turkey

The benefits of home ownership in Turkey

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<< Articles about real estate in Turkey

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