If you live abroad but want to buy a house in Turkey, you have a question? Can those living abroad also get a housing loan from Turkey?
Turks living abroad as well as those living in the country make calculations of being a home owner. The conditions for obtaining a housing loan in Turkey are almost the same for Turkish citizens living abroad, similar to the conditions for Turkish citizens residing in the same country. One of the few questions that these people who want to return to their homeland and settle in their own house are wondering is, “Can Turks living abroad get a housing loan?”, “What conditions must they fulfill?” seeking answers to questions.
If you are a Turkish citizen living abroad, you can get a housing loan from banks in Turkey. In fact, consumer loans other than housing loans can be provided to our expatriate citizens. This type of housing loans are called “Expatriate Mortage” by banks.
Banks want a place where they can mortgage from those who live abroad and want to buy a house in Turkey with a general purpose loan from the bank. Apart from this condition, a person living in Turkey must also be a guarantor for the person who will take out the loan. If these two conditions are met, a home loan can be obtained from any bank. The credit rating in the country of residence of the person requesting the loan is also taken into consideration.
If there is no payment problem in debts abroad, it will be easier for those living abroad to get a loan from a bank in Turkey. Only real persons, not legal persons, can benefit from mortgage loans given by banks to those living abroad. You can apply to the bank with your tax identification number, a copy of your TR Identity Card or passport, a document of residence abroad, a residence address, a certified income document from the place of employment, a statement of account of the last three months of the credit card in use, and a photocopy of the title deed. Housing loans are in serious demand for those who live abroad and want to invest their earnings by buying a house in Turkey.
Those who want to use loans with fixed installments or a mortgage package with variable interest from loan projects special for those living abroad can get a loan of 500 thousand Turkish lira with a maturity of 20 years. The house purchased by those who use housing loans, also called mortgages, is mortgaged by the bank. The monthly installments of the loan must be paid without delay. In case of non-payment, the mortgaged house can be put up for sale by the bank after a certain period of time.
As an example, the requests of a bank that provides an expatriate loan are as follows.
Our citizens residing abroad can apply to other banks by providing the necessary conditions and documents through this example. The mortgage product in TL, which they can use for the houses they buy in Turkey, is generally known as the Expatriate Mortgage in all banks. With these loans, which have more advantages than consumer loans in many ways, you can become a home owner in Turkey.
Characteristics of Example Expatriate Mortage Loan
1. Expatriate Mortage loan is calculated and used in TL.
2. Expatriate Mortage loan is rescheduled up to 240 months like other mortgage loans.
3. Personal payment plans can also be made for expatriate mortgage loans. You can diversify the payment terms according to your income level and conditions, and you can create the most appropriate payment plan.
4. The interest type determined in expatriate mortgage loans is presented as fixed or variable. Depending on the interest type you choose, the interest rate can be fixed at the rate on the day you get the loan. So you can predict how your payments will be.
5. Expatriate Mortage loans are generally only available for purchases that fit the definition of “residential”, which is a residential property. And it can be used officially by real persons upon request.
6. Appraisal service is obligatory for Expatriate Mortage loans. It is possible to extend credit up to 65% of the residential value determined as a result of the appraisal.
Mortgage of the purchased house is a sufficient condition to benefit from the expatriate mortgage loan. Usually no guarantor is required. However, if requested during the loan approval process, a guarantor may be required.
Expatriate mortgage loans are only given to completely finished residences with a residence permit. Loans can also be used for projects specific to people residing abroad.
Early payment compensation application is valid for credit usage. For fixed-rate loans, when one or more of the installments are requested to be paid early, an early payment cost of 1% to 2% may be requested depending on the remaining maturity amount.
Documents Required for Credit Application:
Expatriate Mortgage (For customers who are Turkish citizens and residing abroad)
1. TR ID card
2. Copy of the title deed copy of the house to be purchased
3. If the person is married, a letter of consent given by the spouse
4. Documents showing the income status of the person in the country of residence; Quarterly bank statement and credit card statement
5. Documents proving residence address abroad; Water, Electricity bill, phone bill etc.
