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MORTGAGE SYSTEM

Buying a second house (with a mortgage) in Turkey is a great decision that will give you a lot of pleasure and joy. Getting to that point is not always easy. Foreigners can face several different procedures and legal obligations. Deniz Bank(Sberbank) is the first Turkish bank giving home loans to foreigners in Turkey. This makes us the most experienced bank and the best partner in making your dream come true. Besides the mortgage we offer a full service in setting up your daily financial life in Turkey. Therefore we can easily say: at Deniz Bank we finance your dreams.

Benefits of banking with us:

Friendly English speaking staff (and sometimes also French and German)

Good credit conditions and competitive rates

Knowledge of the all the legal obligations, restrictions and procedures applicable for foreigners banking in Turkey

Beside the mortgage we assist on money transfers local bill payments, local (house and personal) insurances

Many foreigners already joined the Deniz Bank success story and are banking with us

We are the true guidance on your way financing your second house(s) in Turkey

Buying a house in Turkey as a foreigner

Turkey has a reciprocal agreement for the purchase of land and property with many countries. This means that the people of these nations that allow Turks to buy land in their countries, can in return, buy land in Turkey. Foreigners may purchase in their own name if the property is outside military zones. Based on these agreements foreigners of the following countries are eligible. England, Germany, Australia, Austria, Belgium, France, Holland, Ireland, Spain, Italy, Canada, Luxemburg, Norway, Greece as well as some African and South American states.

No matter where the land or the house may be situated if the buyer is a foreign person, the deed office has to officially ask the prior approval or permission of the highest military command of the area before transferring the title (Approval of the ministry of Defense: Savunma Bakanliği). The duration of the request for permission is estimated on 30-60 days. The reasons for this are to ensure that foreign buyers will not acquire a property within military zones. No land or property within forbidden regions and safety regions can be sold, transferred or rented. (Forbidden regions – Military zones).

More and more foreigners are interested in buying property in Turkey. In 2006 around 50,000 purchases from foreigners have been taking place. More and more foreigners are looking for financing their new property at a local bank.

Foreigners, with different behavior/features, require a different application approach. Therefore Denizbank(Sberbank) has developed mortgage loans especially for foreigners.

How to get a Mortgage from Denizbank(Sberbank)?

1)   Please bring all the required information to the nearest branch of your new house. Together with the branch you will discuss all the conditions and benefits of the loan

2)    After your approval we will complete the application form and start the application procedure

3)    The bank will send a appraiser to you house to value your property

4)    Maximum 5 working days later the branch will inform you about the offering that we can do to you

5)    You will be handed out the pre term sheet that you can use as our written promise to you

6)    After presenting the pre term sheet to you, you are asked to sign the pre term sheet and pay the commitment fee

7)    After signing a period of maximum four months starts to arrange:

• DASK: (nature disaster insurance)
• House insurance; İskan Ruhsati (house permission)
• Approval of the ministry of Defense (Savunma Bakanliği)
• Tax number and opening a demand deposit account

8)    After collection of all the documents mentioned above the bank will give its final approval will make an appointment to pay out the loan and put the mortgage on the title deed at the TAPU office

Off Plan Mortgages

Denizbank makes deals with project developers to finance uncompleted houses in a project. Sometimes Denizbank gives loans before completion of the house or gives you upfront the commitment that Deniz Bank will pay out a loan after completion at upfront agreed conditions. Go to you nearest branch to ask for our current joint promotion with develops and ask for the special conditions.

The features of the loan:

1. Loan to value: Maximum 70% of the appraisal value (not always equal to the sales price)
2. Debt to income: Maximum net salary to spend to installment for total loan position 50%
3. Valuation of income: Only salary income transferred to a bank account, average profit of the last 2 years, pension income
4. Minimum amount: € 000
5. Maturity: 7 years
6. Loan in: YTL, USD, EURO, POUND
7. Property valuation: Done by Deniz Bank or appointed appraisal by Deniz Bank, pre-valuation paid by Deniz Bank
8. Age of application: 25 -70 years
9. Maximum age at end of maturity: 70 years
10. DASK: nature disaster insurance, House insurance: To arrange via Deniz Bank

Requested documentation for your mortgage application

•       Official tax statement of the most recent year in the home country
•       Copy of the TAPU of the object that will be bought
•       Copies of passports made and signed by the branch or notary
•       Income statement of employers signed by the employer
•       Official document/declaration from a public notary/cadastre that the person who signed the income statement is allowed to sign
•       Bank statements declaring the income (not older than 3 months)
•       Documents proving monthly financial obligations (rent, house loan installments, alimentation)
•       Overview of private assets proven by official statements
•       Overview of private debts proven by official statements
•       Signed application form

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