Buying an apartment in Turkey. Mortgage.
Turkey is attractive country for housing due to excellent opportunities to relax on the resorts. Housing prices are extremely attractive in Turkey; here the cost per square meter is much lower than in Russia or Europe.
In Turkey, you can buy housing in new buildings and in the new area with villas and elite houses.
Apartments in Turkey can be used for personal needs: temporary or permanent residence, to retrieve some commercial benefit (lease).
In case your income today cannot immediately allow you to buy a real estate in this unique country, the one can think of taking a mortgage.
Today Turkish banks are willing to offer foreigners several credit facilities with potential benefits and credit rates. As a rule, it is proposed to take a mortgage in euros, but there are a number of opportunities to get the necessary credit in pounds sterling or U.S. dollars. The interest rate per annum is 9.7%, while the repayment period is of 1 year to 20 years, early repayment is possible. Generally, to obtain a mortgage in Turkey you need to pay an initial amount of the rent which is around 30% of the value of the house or apartment.
The whole procedure of a mortgage loan in Turkish banks is not different from the procedure in European banks. The borrower should provide a package of documents, including certificates, which confirm the financial stability (the ability to pay the loan). In addition it is required to bring the documents about already acquired property and certain information concerning the credit history.
Appeal to a professional agent guarantees that all procedures will work out quickly and smoothly.
Apartments in Turkey became more accessible with mortgages.
Author: RestProperty
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Publication date: 22.12.2011
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