A cozy house or apartment on the shores of the Mediterranean Sea is a wonderful dream that you can start to bring to life tomorrow. Today foreigners with middle and high income can buy real estate in Alanya. If you don't have enough money, a mortgage in Turkey will help you. Moreover, interest rates are much lower than in native Russia.
To take money from the bank, you must provide a package of documents, have a positive credit history and a stable income. On very rare occasions, Turkish banks refuse foreign clients. And if you are satisfied with the price of apartments, Alanya may soon become your home or a profitable investment.
Features of mortgages in Turkey for foreigners
It is possible to issue a mortgage both for ready-made residential objects and for those under construction. Turkish banks are happy to issue loans to foreigners. The conditions are practically the same as for the Turks. But the check is more thorough.
A loan can be taken in euros, dollars, Turkish lira and even rubles. But interest rates vary depending on the chosen currency.
The loan amount is up to 75% of the appraised value of the property. The minimum amount is 10 thousand euros. Maximum threshold without limitation.
Credit age - up to 70 years. Mortgage term up to 15 years. The loan must be repaid monthly. For delays, the bank imposes a fine, sometimes impressive, and its amount can vary greatly in different banking institutions.
Required documents for a mortgage in 2021
To buy a house in Alanya, you must submit the following documents to the bank:
- copy of the passport - notarized;
- credit history - from the country of the borrower;
- certificate of income - 2-NDFL;
- certificate of receipts to a bank account - 3 months in advance;
- TAPU - confirmation of property ownership;
- ISKAN - copy of technical passport residential building;
- tax number of a foreigner - as in the Russian Federation TIN;
- certificate of real estate ownership - in the home country;
- conclusion on the assessment of the acquired housing;
- confirmation of the bank account.
The package of documents may vary depending on the choice of the bank. All documentation must be translated into Turkish and notarized. It takes 2 to 5 business days for review. Turkish banks try not to delay the answer.
Stages of obtaining a mortgage loan
Do you want to buy an apartment in Alanya? If you wish, you can make a deal without intermediaries. But as practice shows, it is better to enlist the support of a proven real estate agency. The stages of registration are standard.
- The borrower chooses real estate - Alanya or the suburbs.
- The agency helps to choose a bank with the most favorable lending conditions.
- A package of documents for obtaining a mortgage loan is prepared.
- Obtaining an individual tax number.
- The client writes an application and fills out a questionnaire.
- The bank evaluates the cost of an apartment or villa - it will take 2-5 days.
- The bank issues a letter of guarantee confirming the readiness to issue a loan to purchase a house in Alanya.
- The borrower pays for the bank's services for issuing a mortgage.
Bank commission is usually 1-2% of the loan amount. Moreover, if within the agreed period the borrower did not apply for a mortgage or thought for a long time, then this amount is not refundable. And if you apply again, you will have to pay for the bank's services again.
Interest rates on mortgages in Turkish banks
Bank interest rates differ. This is approximately 6-13% per annum. The longer the term, the higher the rate. It is better to study all the proposals in advance to find the most rational. If there is an opportunity to consult with experienced realtors, do not neglect it.
Rates in dollars and euros are several times lower than in rubles or Turkish lira. The best deals are in Garanti, Turkiye Finans, Akbank. As a rule, the agency representing the interests of the buyer helps with the preparation of all the necessary documents and the choice of a banking institution.
Additional costs for mortgages in Turkey
To buy a house in Alanya, you will have to pay some additional costs. And it doesn't matter if it is a secondary property, a new building or an object under construction.
- Real estate appraisal by the bank - 200-300 euros, the client pays;
- Bank commission for issuing a mortgage - 0.5-2% immediately;
- Home insurance - 150-250 euros per year;
- State duty for issuing a new TAPU;
- Translation services;
- Property tax.
Some banks also require the borrower's life insurance. An independent appraisal of home values is not appropriate. The bank sends its employee. You will have to pay for his services in any case.
If you get a mortgage with the help of realtors, you can save money on a translator, notary and a lawyer, since these services are already included in the cost of servicing a foreign buyer.