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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 people of these nations that 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 military zones. 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 the prior approval or permission of the highest military command of the area before transferring the title (Approval of the ministry of Defense: Savunma Bakanliði). The duration of the request for permission is estimated on 30-60 days. The reasons for this are to ensure that foreign buyers will not acquire a property within military zones. No land or property within forbidden regions and safety regions can be sold, transferred or rented. (Forbidden regions - Military zones).

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 for financing their new property at a local bank.
Foreigners, with different behavior/features, require a different application approach. Therefore DenizBank has developed mortgage loans specially for foreigners
How to geta Mortgage from DenizBank?
  1. Please bring all the required information to the nearest branch of your new house. Together with the branch you will discuss all the conditions and benefits of the loan
  2. After your approval we will complete the application form and start the application procedure
  3. The bank will send a appraiser to you house to value your property
  4. Maximum 5 working days later the branch will inform you about the offering that we can do to you
  5. You will be handed out the pre term sheet that you can use as our written promise to you
  6. After presenting the pre term sheet to you, you are asked to sign the pre term sheet and pay the commitment fee
  7. After signing a period of maximum four months starts to arrange:
    • DASK: (nature disaster insurance)
    • House insurance; Ýskan Ruhsati (house permission)
    • Approval of the ministry of Defense (Savunma Bakanliði)
    • Tax number and opening a demand deposit account
  8. After collection of all the documents mentioned above the bank will give its final approval will make an appointment to pay out the loan and put the mortgage on the title deed at the Tapu office
Off Plan Mortgages
DenizBank makes deals with project developers to finance uncompleted houses in a project. Sometimes DenizBank gives loans before completion of the house or gives you upfront the commitment that DenizBank will pay out a loan after completion at upfront agreed conditions. Go to you nearest branch to ask for our current joint promotion with develops and ask for the special conditions.
The features of the loan

Loan to value
Maximum 70% of the appraisal value (not always equal to the sales price)
Debt to income
Maximum net salary to spend to installment for total loan position 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
All countries that have a reciprocal agreement with Turkey.
5,10,15 and 20 years
Loan in YTL
Loan in euro
Loan in Dollars
Loan in British pound
Interest types
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 installment 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)

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