Mortgages are available now with the collaboration of DenizBank and Tulip Properties.

It is now possible for foreigners to get mortgages for homes in Turkey with the collaboration of DenizBank and Tulip Properties.

We believe this can help make your dreams come true.

Buying a house in Turkey as a foreigner

Turkey has a reciprocal agreement for the purchase of land and property with many countries. This means that the nations who allow Turks to buy land in their countries, can in return, buy land in Turkey. Foreigners may purchase in their own name if the property is outside a military zone. Based on these agreements foreigners of the following countries are eligible. England, Germany, Australia, Austria, Belgium, France, Holland, Ireland, Spain, Italy, Canada, Luxemburg, Norway, Greece as well as some African and South American states.

No matter where the land or the house may be situated if the buyer is a foreign person, the deed office has to officially ask for prior approval or permission from the military in the area before transferring the title deeds (Military Check). The request for this permission can take between 30 and 60 days. The reason for this is to ensure that foreign buyers will not acquire a property within military zones. No land or property n forbidden regions or safety regions can be sold, transferred or rented.

More and more foreigners are interested in buying property in Turkey. In 2006 around 50,000 purchases from foreigners took place. More and more foreigners are looking to finance their new property by using local banks. We are the first to offer this facility in Turkey.

Applying for a mortgage in Turkey is very similar to applying for a mortgage in the UK and will be subject to a Credit and Military check. Therefore you will be required to supply the following information as listed below to the DenizBank Fethiye Branch Office or Tulip Properties office.

Requested documentation for your mortgage application
• Official tax statement of the most recent year in the home country (for example P60)
• Copy of the Tapu of the property or land that will be bought (only for existing land or
property)
• Copies of passports made and signed by the branch or a notary
• Income statement of employers signed by the employer
• Official document/declaration from notary that the person who signed the income
statement is allowed to sign
• Bank statements declaring the income (not older than 3 months)
• Annual report of the holding company for the last two years together with copy of
shareholder register
• Documents proving monthly financial obligations (rent, house loan installments,
alimentation)
• Overview of private assets proven by official statements
• Overview of private debts proven by official statements
• Signed application form

The features of the loan:
Issue Feature
Loan to value
Maximum 65% of the appraisal value price. (not always equal to the sales price)
Debt to income
Maximum net salary to spend to instalment for total loan instalments 50%
Valuation of income
Only salary income transferred to a bank account, average profit of the last 2 years, pension income
Maximum amount
No maximum
Minimum amount
€ 30.000 euro
Nationalities
All countries that have a reciprocal agreement with Turkey.
Maturity
5, 10, 15 and 20 years
Loan in YTL
Yes
Loan in euro
Yes
Loan in Dollars
Yes
Loan in British pound
Yes
Interest types
Fixed
Early repayment
Possible (2% penalty fee)
Property valuation
Done by DenizBank or appointed appraisal by Denizbank, pre-valuation paid by DenizBank
Age of application
25 -70 years
Maximum age at end of maturity
70 years
DASK: nature disaster insurance, House insurance;
To arrange via DenizBank,
Life insurance
No obligation
Off plan mortgage
Yes, with full bank guarantee from constructor for the total loan amount
Monthly instalment payments
Automatic payment from a DenizBank account
Validity of the pre offer
4 months
Extension of validity of the pre offer (except interest rate)
Until 18 months (1% extra commission required)
Administration costs and fees
There maybe administration and translations fees payable.

If you have any questions or would like any further information on mortgages please contact us at info@tulipproperties.com