If you are looking to purchase real estate in Istanbul, you could not have made a better choice. Easy financing options are in place to purchase real estate in this cosmopolitan city. For those with excellent credit history and proof of regular income, mortgages are available for real estate in Turkey for those who want to register a title deed or TAPU for an Istanbul villa or apartment. Find out in 5 simple steps, as to how easy it is to get properties financed in Turkey.
#1 Reaching an Agreement
Once an agreement to make the purchase has been reached in principle, this will detail what the loan agency can lend to you and set simple conditions and terms for loan. You don’t need to provide any documents at this stage.
#2 Making the Decision
The second step is when you decide to buy Istanbul real estate for sale. During this time, a mortgage application will be needed to be made and the lender will require to see the documentation showing strong evidence of address, identity and income. Lenders can therefore, run a credit check then.
#3 Property Valuation
This is the third step that involves getting finances from the lender. You need to have your real estate in Istanbul for sale valued. This ensures that the price you settle on between the lender and you is correct and all legal arrangements are made.
#4 Formal Finance Offer
Once the lender is in agreement with the valuation and terms, a formal offer of financial assistance will be made. As soon as the offer is signed and returned, the finance is provided. Some lenders in Turkey may even require the signature at a local bank.
#5 Transfer of Titles of Property
This is the final stage in the transfer of title of property to your name and completion of the military app. The property now belongs to you. Financing aid for property in Istanbul is available in TL and Euro both. As of Feb 2013, the TL mortgage rates are 9% per annum and the euro rate is half of that. Maximum loan to value of a Turkish home is 70 percent. This means around 30% needs to be the minimum deposit available.
If one is purchasing a property in Turkey using finance, contacting the best realtors can help in making the right decisions regarding which lender to choose, latest mortgage rates and criteria for assisting you every step of the way.
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