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Yaman Group can arrange finance throughout Turkey and North Cyprus as it has become very easy for non-citizens to be approved for mortgages, after the huge property market boom. Turkey has become ever more attractive to foreign buyers because of recent changes to the Turkish mortgage law. Yaman Group will search to achieve the best deal of mortgage loan from a Turkish bank. Yaman Group works with HSBC, Akbank, Denizbank (Dexia bank) and Fortis bank; we will collect the best rates and prepare all the relevant legal documents for you.
Reforms-, which were most recently passed by the Turkish parliaments and have come into effect on 1st January 2008 – will facilitate mortgages at affordable rates for the first time within the country. Consequently, it is estimated home owners will increase from the current 5% to 12% by 2015.
"The new legislations will have a dramatic impact on the real estate market and marks a major step towards improving access to the property market for the smaller number of overseas real estate investors interested in Turkey in 2008,”
"With the current demand already outstripping supply in most areas of the country, and its population of 70 million on the increase, the market is primed to see real estate price growth. Yaman Group has seen the demand for affordable property at its highest level ever, with an estimated need for seven million homes over the next 10 years
The Required information for mortgage loans and a list of the documents needed:
1. Once we have your approval we will complete the application form and start the application procedures.
2. The bank will send an appraiser to your house to be value your property.
3.With a Maximum 5 working days later the branch will inform regards to the offer they can do.
4. After you will be handed out the pre-term sheet that can be used as the bank's written promise.
5. Then you will be presented the pre-term sheet, you are asked to sign the pre term-sheet and pay the commitment fee.
6. Then signing a period of maximum four months starts to arrange:
DASK (nature disaster insurance)
Home Insurance (house permission)
A Tax number and regards to opening a demand deposit account
OFF PLAN MORTGAGES
The Banks make deals with developers to finance new build houses in the Project. Banks will sometimes pay out a loan after completion.
The features of the loan:
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Issue
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Feature
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Loan to value
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Maximum 70% of the appraisal value (not always equal to the sales price)
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Debt to income
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Maximum net salary income to spend to total loans installments 50%
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Valuation of income
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Only salary income transferred to a bank account average profit of the last 2 years pension income
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Maximum amount
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No maximum
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Minimum amount
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€ 30.000 euro
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Nationalities
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All countries that have a reciprocal agreement with Turkey
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Maturity
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5,10,15 and 20 years
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Loan in YTL
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Yes
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Loan in Euro
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Yes
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Loan In Dollars
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Yes
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Loan In British pound
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Yes
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Interest types
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Fixed
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Early repayment
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Possible (2%penalty fee)
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Property valuation
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Done by bank or appointed appraisal by bank pre-valuation paid by bank
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Age of application
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25-75 years
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Maximum age at end of maturity
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70 years
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DASK nature disaster insurance House insurance
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To arrange via bank
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Life insurance
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obligation
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Off plan mortgage
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Yes with full bank guarantee from constructor for the total loan amount
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Monthly installments payments
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Automatic payment from a bank account
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Validity of the pre offer
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4 months
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Extension of validity of the pre offer (except interest rate)
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Until 18 months (1% extra commission required)
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Supporting Documentation for Your Mortgage Application
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Documents
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Employed
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Self employed
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Retired
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Official tax statement of the most recent year in the home country (for Example P60)
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Yes
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Yes
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Yes
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Copy of the Title Deed (Tapu) of the property and certificate of habitation
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Yes
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Yes
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Yes
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Copies of passport made and signed by the branch or notary
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Yes
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Yes
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Yes
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Income statement of employers signed by the employer
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Yes
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--
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Yes
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Official document declaration from a public notary/cadastre that the person who signed the income statement is allowed to sign
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Yes
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--
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Yes
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Bank statements declaring the income (not older than 3 months)
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Yes
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Yes
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Yes
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Annual report of the holding company for the last two years together with a copy from the shareholder register
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--
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Yes
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--
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Documents proving monthly financial obligations (rent house loan installments alimentation)
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Yes
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Yes
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Yes
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Overview of private assets proven by official statements
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Yes
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Yes
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Yes
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Overview of private debts proven by official statements
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Yes
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Yes
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Yes
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Signed application form
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Yes
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Yes
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Yes
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***The Official translation of all documents into Turkish is required***
Notes:
• A Valuation of the property costs about 300 Euros.
• Interest rates of the mortgage could be both solid or liquid depending on your
agreement with the bank. This is totally due to your requests.
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