There are two main types of property acquisition. This is a purchase on credit through a bank and an installment purchase from a developer.
Let's consider each option separately.
Credit. To apply for a loan to a foreigner in Turkey, you must provide the bank with information about your income, while there are no strict rules on the personal income tax certificate. Any document on income is enough, practice shows that the Turkish bank does not send any requests to your country of residence to confirm this income. It is necessary to have the working age, because it is much more difficult for pensioners to obtain credit funds. The loan is issued in the amount of up to 40% of the purchase price, but the bank will decide how much to give you on an individual basis. The size of the object's value will be determined not by your contract, but based on the conclusion of an expert from the bank. When ordering a loan, you must remember that the procedure for considering an application for a loan by a bank will cost some money. Thus, the services of a bank expert for the assessment of an object must be paid for by the customer, i.e. You. The approximate cost of these services is 1200 liras. It is also necessary to obtain a tax number in the Republic of Turkey and a number of other documents that we fully prepare for our customers.
Loans for the purchase of real estate are issued for a period of 5 years and 10 years. Having received a loan, the real estate will be pledged by the bank, which means a ban on sale until the final payment of the loan.
Early repayment is envisaged, penalties for early repayment are not tangible, i.e. very small.
We draw your attention to the fact that missing payments entails extremely negative consequences. The Bank will begin the procedure for foreclosure on property that is pledged to it. The bank has the right to start this procedure after 3 months of default on payment of the monthly repayment. Your arguments about living in another country, transfer problems and other objective circumstances will not play a role for the bank.
Installments. Payment in stages to the construction company. It is important to make sure that the construction company is the owner of the land plot or has the right to sell a specific object, because she can work on the basis of a work contract, i.e. only for the performance of construction work for a fee, and not for receiving a certain number of apartments in the future object. Our company will help you figure it out, combining work with the real estate market and legal support.
The installment plan is given for the duration of the construction work. In some cities of Turkey, you can still find 5-year installments, but they are less and less common. This is due to the economic business strategies of the developers.
The construction of a residential complex takes from 1.5 years to 2 years, they are building here at a fast pace. When concluding a sale and purchase agreement with a deferred payment, you need to be ready to make an initial payment. Its size for different developers ranges from 30% to 50%. The rest of the amount is paid according to the schedule specified in the contract. Early payment will be most welcome.
Unlike a bank loan, a developer provides an opportunity to pay without paying interest on an installment plan, but the term for settlement is shorter than that of a bank. The developer does not need any documents on wages or your income.
You can get a title deed (Tapu) approximately in the middle of construction. Buying an apartment in installments is a profitable business, because during construction, the developer will raise prices, but your price is already fixed in the contract and cannot be changed. If, after consulting with us, you still have doubts about choosing a developer and are generally worried about whether the construction will end, then by all means use the installment plan, do not pay the entire amount at once. So you will see how construction is progressing and save your money.
If, for some reason, you cannot pay off the remaining payments, then the contract with the developer may be terminated, but a fine cannot be avoided. In each case, the contract stipulates the amount of the fine upon the occurrence of these events.
