How to get real estate loans in Bursa Türkiye easily
The Turkish government is seeking to attract more foreign investors to its markets, through various incentives, including granting real estate loans. In this article from Ebla Real Estate, we will talk about how to get real estate loans in Bursa Türkiye easily.
Obtaining real estate loans in Bursa Türkiye easily:
Foreign citizens can obtain real estate loans in Bursa Türkiye easily without any significant obstacles. It is worth noting that buyers can get about 70% to 80% of the property value as a mortgage loan.
On the other hand, the repayment period for the loan in Bursa is between 5 to 10 years, and the period varies from one bank to another according to the regulations and laws of each bank.
How to get real estate loans in Bursa Türkiye easily:
There are two ways to get real estate loans in Bursa Türkiye easily, including:
First method:
It is through the construction companies in Bursa Türkiye, where they sell the property in return for a down payment.
Usually, there is some down payment percentage obligated to be paid at the beginning of the transaction. It varies and depends totally on the company.
Some of the construction companies request a down payment of 35% of the property price, others up to 70%. Moreover, the buyer can pay the rest of the amount with a payment plan within 12 to 60 months, sometimes it can be less, sometimes even more.
Second method:
It is through Turkish banks directly, according to specific conditions that may differ from one bank to another.
The value of interest on loans from Turkish banks ranges between 4.5 and 7.5 of the value of the amount, provided that the monthly loan installments do not exceed one-third of the income of the person concerned. It is worth noting that the max LTV (loan-to-value) amount for foreigners is 70%. Moreover, the banks give the loan according to the real estate evaluation.
As for the payment plans, they extend from a minimum of 3 months to a maximum of 120 months. However, most banks offer mortgages to foreigners in Türkiye for only 60 months.
Conditions for obtaining real estate loans in Bursa, Türkiye easily:
Obtaining a real estate loan in Bursa, Turkey, can be a streamlined process if you meet certain conditions and prepare accordingly. Here are the key conditions for obtaining real estate loans in Bursa, Turkey easily:
- Presenting a bank statement showing income for the last three months.
- Submit a real estate valuation report prepared by a bank expert.
- Besides, the bank makes insurance for accidents, death or emergency matters.
- Also, the age of the person applying for a real estate loan in Türkiye 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 loan.
- In addition, the maximum period for delivery of the title deed should be 3 months.
This was the most important information on how to get real estate loans in Bursa Türkiye easily presented to you by Ebla Real Estate.
Edited by: Ebla Group Real Estate
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