Real estate financing in Bursa
Bursa is an attractive destination for real estate investments. Whether you want to purchase a home, an investment property, or commercial real estate in Bursa, understanding your financing options is essential. Therefore, in this article from Ebla Real Estate, we will talk about the real estate financing in Bursa.
Real estate financing in Bursa:
The Turkish government occasionally offers incentives and subsidies to encourage real estate investments. One of the forms of government support and investment facilities in Bursa and Turkey in general is making “real estate financing” available to citizens to help everyone who wants to own a property for the purpose of housing or investment.
Real estate financing involves securing the necessary funds to purchase property. In Bursa, investors can choose from a range of financing methods to make their real estate dreams a reality.
Real estate financing in Bursa is usually based on specifying a long period to repay this financing. Of course, a mortgage is imposed in exchange for this financing, and the mortgage is canceled when the last payment is paid.
Types of real estate financing in Bursa:
The first type:
It is withdrawing a loan from the bank with the aim of purchasing a property. This financing will be in the local currency, the Turkish lira.
Real estate loan transactions of this type are carried out against a mortgage at an interest rate of approximately 9% annually. This type of real estate financing is the most common among Turkish and foreign citizens and investors in Bursa.
The second type:
It is withdrawing a loan from the bank to buy a property. This financing will be in the European Union currency (Euro), as banks allow the provision of real estate loans at an interest rate of 4.5 annually.
Although the locals are afraid of this type of real estate financing; Because of the exchange rate difference, it is preferred by foreign investors because the interest is lower and payment is made in foreign currency. Although the locals are afraid of this type of real estate financing; Because of the exchange rate difference, it is preferred by foreign investors because the interest is lower and payment is made in foreign currency.
Real estate financing terms in Bursa:
- Presenting a bank statement showing income for the last three months.
- Submit a real estate valuation report prepared by a bank expert.
- Payment installments are a minimum of 3 months to a maximum of 10 years.
- The age of the applicant for financing in Bursa must not exceed 80 years.
- Also, the age of the person applying for a mortgage loan in Turkey plays an important role in determining the amount of the loan.
- Furthermore, the construction completion percentage must not be less than 80% in order to obtain the mortgage.
- Besides, the bank makes insurance for accidents, death or emergency matters.
Edited by: Ebla Group Real Estate
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