Turkish Mortgages
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At long last you can now get a mortgage in Turkey to buy your dream home. It is advisable that you contact an Independant Financial Advisor for this and these can be found on the internet.
GarantiBank have taken the step that a lot of you have been waiting for and they have made it extremely easy to do. Even though the concept is new to Turkey, Garanti Bank offers decent focus on providing the necessary expertise and a wide range of services and products to it's customers. GarantiBank customers may benefit from a large range of services from fixed rate mortgages to variable rate mortgages, based on different needs, preferences and risk perception. For more information on Garanti Mortgages please visit www.garantibank.com
All you need to do is produce at the bank a:
Turkish Tax ID number
500 YTL for the appraisal report fee
Non-reisdent application form (provided by the bank for completion)
Sample copy of the passport or the original copy of permanent residence
Credit bureau record from your country of origin
Utility, cable or telecommunications bill stating the address you reside at in your home country
Once these have all been presented and the bank are happy with them you can arrange your loan/mortgage, the following stipulations apply:
you may borrow in the following currencies - YTL, €, US $, £ or Swiss Frank
- the maximum loan term is 10 years
- the maximum loan to value (LTV) is 60% of the appraised value
- the maximum loan amount is YTL 500,000 or the equivalent in the currency of your choice
Life Insurance, personal house insurance and natural disaster insurance authority must be in place
You can own your desired home in Turkey with a Non-Resident Mortgage - at the time of publishing (12/11/07) the interest rates are:
- YTL .........................................1.34% per month
- Currency of your choice ....... 0.45% per month
- terms up to 120 months