The Turkish government is working hard to encourage foreign real estate investment because of the increasing number of foreigners and the strong demand to buy property in Turkey, where Turkey has become one of the largest real estate markets in the world. The Turkish government is facilitating the financing of real estate in Turkey and the purchase of an apartment in Turkey by installments.

Until 2007 there was no possibility of buying an apartment in Turkey by installments through the mortgage loan to foreigners as well as to Turkish citizens. But then the Turkish government issued and activated the laws on real estate finance in Turkey.

The maximum possible loan amount is 70% of the purchase amount. While the mortgage loan can only be obtained in major cities such as Istanbul, Alanya, Antalya, Bodrum, Aydin, Izmir, Didim, Kusadasi, Mugla .... etc. However, foreign buyers usually have only interest is buying an apartment in Turkey In installments in those major cities.

Interest rate
Interest rates range from 4.5% to 7.5%. At the same time, monthly mortgage payments must not exceed one third of the income. As for proof of your ability to pay, bank statements, employment certificates and other documents necessary to buy an apartment in Turkey will be made by mortgage.

payment terms
The maximum loan to repay the mortgage loan in Turkey is 15 years. With regard to the age of the applicant, the borrower must not be older than 80 years. Age restrictions also vary from region to region and from bank to bank, depending on currency and type of property. In case of early repayment of the loan, a fine of 2% of the amount is paid.

What documents are required to apply for a mortgage in Turkey for foreigners?
The buyer's passport, translated into Turkish and certified by notary Noter.
Copy of the seller 's passport translated into Turkish and certified by notary Noter.
A copy of the document affirming the right of ownership (Tapu)
Data sheet (provided by real estate developer).
Turkish Tax Number Vergi Numarası (loan applicant applying for a Turkish tax number in the local tax department). It is also necessary for the applicant to open a bank account in a Turkish bank
Employee's salary statement issued by the employer.
Bank statements Any disclosure by the bank shows income for the last three months.
Property Assessment Report (prepared by a bank expert).
Address verification certificate (valid documents: residence permit, ID card, utility bill, water and electricity bills, gas and utility bills are the most common showing your name and address together).
To ensure your stable financial position can be: documents proving ownership of the property at home or in another country, information on other income, documents on the vehicle.
The rate of failure to obtain a mortgage for foreign nationals is minimal, provided that all documents in the system are present and correct.

These are the general papers required for employees who receive monthly salaries but there are some exceptional cases such as the person who works for himself and in this case there are some changes in the requirements:

For self-employed:

Company registration certificate.
A document showing common stock in case of partnership.
The company's balance sheet, income statement of the past two years.
Property and vehicle licenses owned by real estate and cars of the company.
The movements of the account provided by the company's bank show the cash flow of the company.
Annual tax return.
What banks can be used to apply for a mortgage?
You can buy an apartment in Turkey through a mortgage from a Turkish bank that has signed partnership agreements with banks from the Middle East, including:

Agricultural Bank of Turkey Ziraat Bankası
Turkish Guarantee Bank Garanti Bankası
Turkish Labor Bank Türkiye İş Bankası
Turkish Bank Kuveyt Türk Bank
Do mortgage laws change in Turkey?
Yes, the laws of obtaining a mortgage to buy an apartment in Turkey are changing by installments as the country's fiscal policy changes, and the major banks in Turkey have a big role in facilitating or complicating the process of obtaining mortgage for foreigners.