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The most important Turkish banks that provide real estate loans to foreign investors in Turkey

The most important Turkish banks that provide real estate loans to foreign investors in Turkey

The most important Turkish banks that provide real estate loans to foreign investors in Turkey

An introduction

After a survey conducted around the world to determine the largest banks in Turkey, the most ideal classification method emerged as a brand value, and this size survey was based on the number of employees, active assets, number of branches, profits, etc.

 

The banks in Turkey are ranked according to the brand values ​​of those banks. For this reason, it is possible for some banks to rank higher on the list even though the number of clients is much higher than others, so it may be useful to briefly touch upon brand value to remove this confusion.

 

What is brand value?

Brand value is a calculation that arises as a result of adding factors such as the loyalty of the customers the brand serves, the market share of the products it produces, and the prices of those products. Therefore, although the number of customers is small, the higher prices are preferred by consumers, and despite this high price it is the most realistic indicator of brand value.

 

The 5 largest banks in Turkey

Yapı ve Kredi Bankası A.Ş.

Established by Mr. Kazım Taşkent, Yapı Kredi Bank in 1944 to provide loans only to people who want to buy homes, Yapı Kredi has become one of the most valuable banks in our country in the meantime, and continues to serve consumers with many different products. Yapı Kredi, which employs more than 20 thousand employees, has nearly 11 million customers.

 

İş Bankası A.Ş.2. Ish Bank

 

İşbank, the first private bank in Turkey, which was established on the direction of Mr. Kemal Ataturk, continues to provide commercial and individual financing since 1924 in order to support economic development. İşbank, which started operating in one branch in 1924 and employs 10 employees, has succeeded in becoming 118th among the largest banks in the world, with more than 24 thousand employees.

 

Ziraat Bankası A.Ş.3. Agricultural Bank

 

Ziraat Bank, one of the three state-owned banks, has been in operation since the time of the Ottoman Empire. Ziraat Bank, which was established to create funds for the public and use financial assets in the best way, has become a bank operating in many different fields, and today it employs more than 26,000 people.

 

 

 

Garanti Bankası A.Ş. 4. Grantian Bank

 

After entering the Turkish banking sector with an unconventional level of sustainable and profitable policies, Garanti has now reached a point where 8,000 employees work, and service is provided to more than 23 million customers. Having achieved dozens of successes around the world, Garanti continues to grow day by day.

 

 

 

Akbank A.Ş 5. The White Bank

 

The name Akbank, which was established by the late Haji Omar Sabanci in 1948 to provide financing to cotton producers in Adana, is due to the fact that the cotton is white. Akbank, who has never compromised its quality since its inception, has turned into an institution that continues to work in several specific areas of finance, today employing nearly 15,000 people. Turkey’s Most Valuable Brand Award was established frequently in Akbank with a very small team and a not that big budget. So much so, that the opening of the first branch in Istanbul after Adana was achieved only two years after its establishment.

 

The most important Turkish banks that provide real estate loans in Turkey?

There is a good group of Turkish banks that provide real estate loans to Turkish citizens and foreigners in general in Turkey, and it is noticeable that some of these banks have dealings with Arab banks, and the most important of these banks are:

 

  • Turkish Agriculture Bank Ziraat Bankası
  • Turkish Guarantee Bank Garanti Bankası
  • Turkish Business Bank Türkiye İş Bankası
  • Kuveyt Türk Bankası
  • Deniz Bankası

 

It is worth noting that the aforementioned banks are among the first Turkish banks, which started offering real estate loans in Turkey, and they have real estate offers that attract the attention of investors and those who want to own real estate, and the value of the mortgage loan can reach up to 70% of the property value. This Turkish banks have a set of advantages that distinguish them from other banks, namely:

 

  1. Offers of real estate loans are continuing, and they call the attention of those wishing to obtain real estate loans.
  2. The presence of employees who can speak various foreign languages.
  3. The competitive prices offered by these banks are the best compared to other banks in Turkey.
  4. The loans offered by these banks have a term of up to 15 years.
  5. The possibility of providing mortgage loans in different currencies: dollars – euros – pounds sterling.
  6. Great cooperation with leading housing projects in Turkey.
  7. Close cooperation with expert Turkish real estate agencies.

What documents are required to apply for real estate loans in Turkey?

There is a set of documents required by those who want to own property in order to apply for real estate loans in Turkey, and they are as follows:

  1. A passport with a validity of at least 6 months, translated into Turkish, and certified by a notary.
  2. A copy of the identity card of the property seller if he is a Turkish citizen, or the passport if he is a foreigner.
  3. Title Deed document that confirms the right of ownership.
  4. Data sheet (provided by the real estate developer).
  5. A tax number extracted from the local tax department.
  6. A paper from a Turkish bank confirming the opening of a bank account in it.
  7. The employee’s salary slip, issued by the entity in which he works.
  8. Bank statements Any statement from the bank showing the value of income for the last three months.
  9. Real estate appraisal report, prepared by the bank’s expert.
  10. A verification certificate confirming the correctness of the information, address, residence permit, or identity card.

What are the interest rates that result from real estate loans in Turkey?

With regard to the interest rates that result from real estate loans in Turkey, they range between 4.5% and 7.5%. But the interest rate charged on the mortgage depends on the amount and type of the loan, and this must be done on the condition that the payments in the monthly mortgage loan do not exceed a third of the income.

 

With regard to buying an apartment in Turkey in installments through mortgage, the documents that must be shown to prove your ability to pay the loans owed by you, they will be bank statements or employment certificates.

 

What are the terms of payment in real estate loans in Turkey?

Payment terms in real estate loans in Turkey vary from one bank to another, according to the currency approved in the mortgage and the type of property to be purchased, but the maximum loan payment for the mortgage in Turkey is 15 years, and the age of the one who wants the mortgage should not be more than 80 years old.

 

How to get mortgage loans in Turkey?

When you have chosen a specific property in Turkey, and as soon as you have the necessary documents for this property, you can apply for a mortgage loan from one of the banks mentioned earlier in our article. At that time, you will wait 3 to 4 days for the approval of the bank to come, and the bank will send the specialized real estate expert to the location of the target property to conduct evaluations of the approximate market price.

 

After the experts’ evaluation, your mortgage will be approved and you will move to the next step of the title deed transfer process.

 

Is it possible that the laws on real estate loans in Turkey are subject to change?

Of course, this can be done according to the policy followed in the country, the laws on real estate loans in Turkey may be subject to change, and this can be linked with the political and financial changes of the country, and the transactions of major banks in Turkey play a big role in facilitating or complicating the process of obtaining a mortgage loan for foreigners.

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