Mortgage for Foreigners in Turkey

2 March 2022

With the reciprocity Law prepared in 2012, the conditions for foreigners to buy real estate from Turkey were much improved.

Thanks to this law, the time limits for foreigners to purchase real estate have grown and sales have increased significantly.

The government in Turkey has also, in recent years, made policies to support foreign investments. Foreigners can easily take out loans from the banks in Turkey.

Foreigners have two options, they can apply to the bank in person or they can give the power of attorney to a person based in Turkey, which includes the authority to use the loan and to sign loan agreements.

Foreigners applying for a mortgage must prepare all the documents to be given to the bank in the official language of their country of citizenship. On the other hand, all documents to be issued abroad must be approved by all relevant authorities of the country in which the regulation is made, and have apostille annotation.

Before the actual application, these documents must first be translated into Turkish by the sworn translators in Turkey. These documents must also be notarized.

Citizens from countries that do not have apostille application should prepare their application documents in the official language of their country. These documents must then be approved first by the Ministry of Foreign Affairs of Turkey and then by the Turkish Consulate.

Foreigners must obtain permission from the relevant authorities before the sale at the Land Registry Office and within the framework of the principles of real estate acquisition specified in the national legislation.

Necessary Documents

Identity Card or Drivers Licence

Income Certificate, Salary letter or Payroll

Foreign Identity Number (YKN) or Tax Identification Number (VKN) document

Mortgage Request and Application Form

Proof of Address Document

Sample Signature

Information about Profession

Business Contact Information

Foreigners who would like to own a house in Turkey will need to meet with mortgage experts in the banks and ask any questions in their minds. After meeting all necessary conditions and with the mortgage approval, they can then become a home owner in Turkey and benefit from the investment of the property.

The Conditions of Loan Application

Firstly, foreigners who are citizens of a foreign country but reside in Turkey must prove the residence and work permits that they have obtained from Turkey to receive a loan. Banks require foreigners to have a residence permit or work permit of at least 12/24 months. For foreigners to apply for a loan a resident or work permit is not sufficient by itself and a guarantor is required. Banks demand that a Turkish citizen be shown as a security measure in case foreigners leave the country and do not return.

When applying for a loan to purchase real estate, the title deed, water or electricity bills of the property in question must be given to the bank. Banks use this to determine the loans they give to foreigners according to the value of the relevant real estate. Foreigners working in Turkey are required to submit their payrolls and documents showing their quarterly income to the bank, it is unlikely for unemployed foreigners to take out loans, however, to ease the situation for unemployed foreigners in Turkey, the banks request foreigners to present documents showing transactions in bank accounts in their countries.

Property Information