Can I Buy Real Estate in Alanya with a Mortgage?

The answer to that question is, yes you can. Alanya has been booming with foreigners purchasing Turkey real estate. Although this kind of purchase has big payments, a mortgage loan from certain banks is helpful.If you have a Turkish bank account and are already a citizen you can take out a mortgage from any bank, but if you are not then that is a different issue.

Many foreigners invest in properties in Alanya Turkey because of the advantage of their foreign currency. There are many reasons for investing in Alanya’s real estate market, either for the rental income when renting out the property or for the purpose of resale apartments. In the case of taking out a mortgageEven if you don’t have Turkish citizenship certain private Islamic and regular banks accept giving mortgage loans. 

Should I be Concerned with the Cost of the Turkish Real Estate Market?

Although Alanya is a resort town, some would think it is an expensive location for properties and real estate.Real estate is much less expensive than in any other city in Turkey, which is a magnetic place for foreigners and locals to purchase their homes. You can choose your favorite spot in Alanya to live in at a reasonable price, either by the majestic beach or up in the divine mountains. Take this to your advantage, if you want an affordable home in a tourist and sightseeing area, then Alanya is the place to be.If you like to own a affordable property in Alanya that you can rent or resell easily when you want , we as New Home in Turkey highly recommend checking Apartment for sale in Alanya within our website.But if you like to have something with amazing views then check out Alanya villas for sale within our website. Who is Qualified for Mortgage from Turkish Banks?

Employers

The company should have legit documents and bank statements, the key to this is to prove to the Turkish bank that it is a withstanding organization fit to receive a mortgage loan. Employers’ companies should have registered documents and trade details. Proof of ownership is also required.The organization also has to be in the market for quite some time, so the bank usually asks for their income statement for the past two years. This is to ensure

Employees

If an individual is a working-class citizen then there is nothing to be concerned about. An employee can easily apply for a mortgage in a bank, all he or she needs is confirmed documents that they have been working for more than 6 months in their job. The field of work has to have a stable income in order for this work. Keep in mind if you’re a foreigner a resident visa must be available, for this to be accessible because not all banks give mortgages to non-locals.

Individuals Who Can Fulfill the Down Payment

Most importantly, in order to receive a mortgage, the down payment has to be 50% worth the property value.For instance, if the property price is 100,000 USD/EURO then the buyer will have to have 50,000 USD/EURO in his or her bank account, hence, the bank account has to be in the same bank that he or she will get the mortgage from.Of course, the person will need to apply prior, in order for the bank to evaluate. This is done because the bank has to make sure the person is eligible for this procedure. 

Who is it not Accessible to?

Not all banks allow foreigners to receive a mortgage but don’t worry, there are certain private banks that do. Age also plays a role in this part. Individuals above the age of 60 to 65 are not eligible for receiving a mortgage.Iranian nationals are allowed to purchase property in Alanya but are not allowed to receive mortgages. This law was issued by the Turkish Financial and Banking.

What Kind of Real Estate is it For?

A Turkish mortgage is for ready projects, real estate that are complete for you to move in. A foreigner will not find the result in achieving a mortgage if he or she heads to a construction company for off-plan projects (properties under-construction).There are numerous properties in Alanya that are readily prepared for an individual to move in. Buying property in Turkey should not take much time and it is efficient for foreign buyers.Once the mortgage is approved, you will need the help of a real estate agent who will be glad to assist you in your search for properties.

The Procedures in Turkish Banks

Payment Due in Turkish Banks

The mortgage loan can be paid back up to 10 years’ time, it depends on how both parties agree upon the procedure. 

Interest Rates in a Turkish Bank

At the current time, the interest rate is 17% annually.The interest rates are always fluctuating, because of the inflation of the economy and the devaluation of the currency.Only foreign buyers can get a mortgage with a fixed interest rate.

How much will the Bank Lend?

The bank will evaluate the property that you have decided to settle in. The bank will give a mortgage up to 65% Loan to Value as per the regulations, not more not less. 

Penalties if Failed to Commit to the Payment Plan

If you fail to pay at an arranged time, the bank will charge +/- %2 from your bank account based on the mortgage. If you are committed to purchasing a property in Alanya, and disciplined enough to pay back the mortgage with a stable income, then you have nothing to worry about.