Buying a home in Turkey is a dream that is reachable for many people. But what about financing possibilities?

Suppose you found the house of your dreams at the Turkish Riviera but currently you are short of cash or you wish to use your current means to something else, the solution is perhaps the Turkey Mortgage.

We are the first bank offering Turkey Mortgage, a mortgage especially for the financing of real estate in Turkey, less than 10 years of age and off-plan projects which are analyzed and screened by DHB Bank. It is also possible to conclude a Turkey Mortgage even if you are an owner in Turkey.

We offer the Turkey Mortgage as loan based on the annuity principle, meaning that the sum of repayments and interest during the fixed-interest period is a fixed amount. The loan is repaid in full in a number of installments agreed in advance.

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• Mediterranean climate with an average of 300 sunny days per year.
• Possibility to fly direct from various destinations from the UK to anywhere in Turkey.
• Easily affordable real estate prices.
• Beautiful nature with many cultural and archaeological sites.

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Fixed-interest period Duration   Interest rate - EUR (APR*) 1 Year max. 20 years 9,0% 3 Years max. 20 years 9,0% 5 Years max. 20 years 9,0%

 

Fixed-interest period Duration   Interest rate - GBP (APR*) 1 Year max. 20 years 9,0% 3 Years max. 20 years 9,0% 5 Years max. 20 years 9,0% * The rates are correct as of 13 October 2008. APR’s are subject to change without notice but once the APR is agreed on, it will not alter throughout the term of your fixed-interest period.

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The interest rate after the fixed rate ends depends on the current percentage at the ending period.

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The duration of the mortgage loan is dependent upon your requirements. You can choose any term between 5 and 20 years.

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The amount you can borrow to purchase properties at the Turkish Riviera in Turkey is a maximum of 100% of the execution value. The maximum financing of properties outside the Turkish Riviera will be evaluated per case. The minimum loan amount is EUR 25,000.

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You can print the application form for our Turkey Mortgage product via the link and send it to:

DHB Bank
Parklaan 8
3016 BB Rotterdam
The Netherlands

After receipt of your application, your data will be verified with Experian and/or Equifax. If you are eligible for a Turkey Mortgage, you will receive an offer letter from us.

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To apply for Turkey Mortgage, in principle you need to have the following documents:

• Certified copy of your valid passport or notarized proof of identification.
• The most recent 3 original salary slips.
• Credit report from Experian or Equifax.

You need to send these documents with your Application Form.

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Buying a property in Turkey involves, just as in other countries, some additional costs. These consist of the following:

Upfront Closing Fee
This amounts to 2% of the mortgage loan with a minimum of EUR 1,250 and is added to the net mortgage amount.

Appraisal costs
An expert appointed by DHB Bank will perform the appraisal survey of the property. The costs of the appraisal are borne by the client and are set at a fixed amount of EUR 400.

Property tax (Emlak vergisi)
'Emlak vergisi' is the property tax payable by you as the buyer, upon the transfer of ownership of the property at the Cadastral Office (referred to as 'Tapu' in Turkey). The property tax is 0,1% of the value entered in the Property Registry.

Transfer tax
This non-recurring tax of 3% relates to the value and location of your property as recorded in the Cadastral Office ('Tapu' as referred to in Turkey).

Approval by the Ministry of Defense (Savunma Bakanlığı)
Foreigners requires approval from the Ministry of Defense ('Savunma Bakanlığı' as referred to in Turkey) to purchase property in Turkey. This should be applied for at the land registry, where the property is located. The buyer is responsible for obtaining this necessary approval. The costs can be taken care of by the buyer or the seller. If you have a Turkish nationality the approval of the Ministry of Defense is not applicable.

To prevent unexpected obstacles delaying or even preventing the transaction, you can ask the seller to fill out the form called 'Takyidat Belgesi' at the Land Registry Office. This document contains a range of detailed information related to the property. Completion of this document will not only significantly expedite the application procedure but will also help the timely identification of potential problems. However, the completion of a 'Takyidat Belgesi' is voluntary and can in no way be enforced. If you can obtain this document, we would like to receive it as early as possible, preferably when you return the signed proposal to us.

Insurance costs
This includes the term life insurance, DASK insurance, building insurance and optionally income protection insurance.

DHB Bank explicitly points out that insurances that have been bought in Turkey have a 1-year term and are not always prolonged automatically. It is your responsibility to make sure that all mandatory insurances are continued at all times.

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Each calendar year, you may repay, in addition to the amount repaid by the scheduled repayments, a maximum of 10% of the amount outstanding on 1 January of that year, with no penalty charge. For repayments in excess of the permissible annual penalty-free repayments and for full settlement, penalty interest will be charged.

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As general acceptation criteria applies among other that you:

• Possess the British nationality.
• If you do not have a British nationality, you will have to be able to show that you have a permanent resident in the United Kingdom of Great Britain.
• Are not younger than the age of 24.
• Have an employment contract for an indefinite period of time.
• Are not employed through an employment agency, a social workplace or in the catering industry.
• Are employed by a business that has been in existence for more than 3 years.
• Your salary is directly deposited to a bank account. Salaries paid in cash will not be considered as income.
• Have an experian and/or Equifax credit history.
• Need to repay the mortgage loan before you reach the age of 75.
• A Residential Usage License 'Iskan Ruhsati' must have been issued for the property that you are interested in buying.
• Pension benefits are considered as income.
• Benefits coming from any Social Security organization are not considered as income.
• Self-employed persons are required to demonstrate their means by financial reports proving that they have been profitable for the past 3 consecutive years. Less than 3 years is not accepted.
• Independent professionals (such as lawyers, other legal professionals, general practitioners etc.) are required to submit financial reports showing a profit for the past 3 consecutive years.

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