Authored by the expert who managed and guided the team behind the Turkey Property Pack
Everything you need to know before buying real estate is included in our Turkey Property Pack
Yes, foreigners can get a mortgage in Turkey without Turkish residency, though current interest rates at 43.2% make financing extremely expensive as of September 2025. Turkish banks offer mortgages to international buyers with proper documentation, Turkish tax numbers, and sufficient down payments of 30-50%.
The Turkish mortgage market for foreigners operates under strict lending criteria, requiring Turkish bank accounts, comprehensive income verification, and property appraisals. While banks approve foreign applicants for both new and second-hand properties across Turkey, the exceptionally high interest rates and short loan terms of 10-15 years create significant monthly payment obligations that require careful financial planning.
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Turkish banks approve foreign mortgage applicants with Turkish tax numbers, local bank accounts, and 30-50% down payments, though current rates at 43.2% make borrowing extremely costly.
Loan terms typically range 10-15 years with maximum loan-to-value ratios of 50-70% for international buyers, requiring comprehensive income and credit verification.
| Requirement | Standard Criteria | Current Rates (Sept 2025) |
|---|---|---|
| Residency Status | Not required for mortgage | Any status accepted |
| Turkish Tax Number | Mandatory for all transactions | Required before application |
| Down Payment | 30-50% of property value | Minimum €60,000 for €200,000 property |
| Interest Rates | Variable by bank | 43.2% annually |
| Loan Term | 10-15 years maximum | Rarely exceeds 15 years |
| Age Requirements | 21-70 years at maturity | Maximum 75 at select banks |
| Maximum LTV | 50-70% for foreigners | Up to 75% for premium clients |
Fact-checked and reviewed by our local expert
Laurence Rapp 🇬🇧
Sales representative at Spot Blue - International Real Estate Agency
What is your current residency status in Turkey?
Your residency status in Turkey does not prevent you from obtaining a mortgage as a foreign buyer.
Turkish banks approve mortgage applications from non-residents, tourists, and temporary visitors without requiring permanent residency or citizenship. However, holding Turkish residency or long-term status can improve your mortgage terms and access to better interest rates with certain banks.
Banks evaluate foreign applicants based on their financial capacity, documentation quality, and property details rather than residency duration. Tourist visa holders, work permit holders, and residence permit holders all qualify for mortgage consideration under the same basic criteria.
Non-resident buyers face identical down payment requirements and loan-to-value ratios as Turkish residents, though some banks may offer slightly more favorable terms to long-term residents due to perceived stability and local financial history.
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Do you have a Turkish tax number?
A Turkish tax identification number (Vergi Kimlik Numarası) is absolutely mandatory for any property transaction and mortgage application in Turkey.
You must obtain this tax number before starting your property search or mortgage application process, as banks require it for account opening and loan processing. The tax number serves as your unique identifier in the Turkish financial system and enables legal property ownership registration.
Getting a Turkish tax number takes 1-2 business days at any local tax office (Vergi Dairesi) across Turkey. You need your passport, a completed application form, and sometimes proof of address or accommodation. Some tax offices accept hotel bookings as temporary address proof for tourists.
The tax number remains valid permanently and enables you to open Turkish bank accounts, pay property taxes, and handle utility bills. Without this number, no Turkish bank will process your mortgage application or complete property purchases.
Online applications for tax numbers are available for some nationalities, though in-person visits to tax offices remain the most reliable method for immediate processing.
Are you planning to buy a property in a specific area of Turkey?
Turkish banks approve mortgages for properties throughout Turkey, though location significantly affects your loan terms and approval probability.
Urban areas like Istanbul, Ankara, Antalya, and Izmir typically offer better mortgage conditions with higher loan-to-value ratios up to 70% due to stronger property markets and easier resale potential. Coastal resort towns like Bodrum, Kas, and Fethiye also attract favorable lending terms from banks familiar with international buyer markets.
Rural or remote areas may face stricter lending criteria with lower LTV ratios around 50-60% and more conservative property valuations. Banks assess regional property price stability, development potential, and market liquidity when determining mortgage terms for specific locations.
Properties in earthquake-prone zones require additional structural assessments and insurance coverage, which can affect mortgage approval timing and conditions. Banks may request enhanced property surveys and engineering reports for buildings in seismically active regions.
Border regions and politically sensitive areas may face lending restrictions or require additional documentation and approval processes from certain banks.
What is your age, and do you meet the age requirements for a mortgage in Turkey?
Turkish banks require mortgage applicants to be minimum 21 years old and maximum 70 years old at loan maturity.
| Age Category | Mortgage Eligibility | Maximum Loan Term |
|---|---|---|
| 21-30 years | Full eligibility | 15 years maximum |
| 31-50 years | Standard terms | 10-15 years typical |
| 51-60 years | Reduced terms | 8-12 years maximum |
| 61-70 years | Limited options | 5-8 years maximum |
| Over 70 years | Very rare approval | Case-by-case basis |
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What is your current financial situation, including income, savings, and debt?
Turkish banks conduct comprehensive financial assessments requiring detailed income verification, savings documentation, and existing debt analysis.
Your monthly net income must support mortgage payments while maintaining debt-to-income ratios below 33-60% depending on the bank and currency. Banks typically accept salary multiples of 4.5-5 times annual income as maximum loan amounts, though property value caps may reduce this figure.
Required documentation includes 6-12 months of bank statements, employment contracts, salary slips, and tax returns. Self-employed applicants need audited financial statements, business bank accounts, and profit-loss records for 2-3 years. International income requires currency conversion and verification through certified translations.
Savings requirements extend beyond down payments to cover legal fees, property taxes, insurance, and 3-6 months of mortgage payments as reserves. Banks evaluate savings stability and source of funds, particularly for large deposits or international transfers.
Existing debts including credit cards, personal loans, and international mortgages reduce your borrowing capacity and require full disclosure with supporting documentation.
Have you checked your credit score and its impact on your mortgage eligibility?
Credit score verification is essential for Turkish mortgage approval, though international credit histories require additional processing and documentation.
Turkish banks access domestic credit bureaus and may request international credit reports from your home country through certified agencies. Poor credit history in Turkey or internationally can result in mortgage rejection or higher interest rates and stricter terms.
If you have no Turkish credit history, banks rely heavily on international credit reports, employment stability, and income verification. Building Turkish credit through local bank accounts and credit cards before applying can improve mortgage terms and approval chances.
Credit score requirements vary by bank, but most require satisfactory credit standing with no recent defaults, bankruptcies, or significant late payments. Some banks accept applicants with minor credit issues if they provide larger down payments or additional guarantees.
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What is the type of property you intend to purchase (new or second-hand)?
Both new construction and second-hand properties qualify for Turkish mortgages, though approval processes and terms differ significantly between property types.
New properties from established developers often receive more favorable mortgage terms with higher loan-to-value ratios up to 70-75% due to warranty coverage, modern construction standards, and easier valuation processes. Banks maintain preferred developer lists with pre-approved projects offering streamlined mortgage processing.
Second-hand properties require comprehensive structural surveys, title deed verification, and market value assessments that can extend approval timelines by 2-4 weeks. Banks typically offer 50-65% LTV ratios for resale properties due to condition uncertainties and potential maintenance costs.
Off-plan purchases require stage-based payment schedules aligned with construction progress, with banks releasing funds upon completion of specific milestones verified by independent surveyors. Developer guarantees and completion insurance may be required for off-plan mortgage approvals.
Property age affects mortgage terms, with buildings over 20 years requiring additional engineering assessments and potentially lower LTV ratios due to maintenance and renovation considerations.
Do you have a Turkish bank account?
A Turkish bank account is mandatory for mortgage processing, monthly payments, and ongoing property-related expenses.
You must open a Turkish bank account before mortgage application, requiring your Turkish tax number, passport, proof of income, and initial deposit amounts varying by bank from ₺1,000-₺10,000. Account opening typically takes 1-2 business days with proper documentation.
Mortgage payments must be made through Turkish bank accounts via direct debit or standing order arrangements. International wire transfers for mortgage payments incur high fees and currency conversion costs that make monthly payments significantly more expensive.
Property-related expenses including property taxes, insurance premiums, utility bills, and maintenance fees require Turkish bank accounts for local payment processing. Most service providers only accept Turkish bank transfers or direct debits.
Currency considerations affect account types, with Turkish Lira accounts required for domestic transactions while foreign currency accounts can help with international transfers and currency hedging for mortgage payments.
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How much of a down payment can you provide for the property?
Turkish banks require down payments of 30-50% of the appraised property value for foreign buyers, significantly higher than domestic buyer requirements.
For a property valued at €200,000, expect to provide €60,000-€100,000 as down payment plus additional costs for legal fees, taxes, and reserves. Premium banks may accept 30% down payments for high-net-worth clients with excellent financial profiles, while standard banks typically require 40-50% down payments.
Down payment sources require verification and documentation, particularly for large international transfers that may trigger anti-money laundering reviews. Banks prefer down payments from savings accounts, investment sales, or property sales with clear paper trails.
Gift funds from family members require notarized gift letters and donor financial verification in some cases. Borrowed funds for down payments are generally not accepted and can disqualify mortgage applications if discovered during underwriting.
Currency timing affects down payment amounts, with banks typically requiring down payments in the same currency as the property purchase price to avoid conversion risks and timing delays.
What is the maximum mortgage loan you are eligible for based on your income and property value?
Maximum mortgage eligibility depends on both income multiples and property value caps, with Turkish banks typically offering 4.5-5 times annual income or 50-70% of property value, whichever is lower.
| Annual Income | Maximum Loan (5x Income) | Property Value Needed (at 70% LTV) |
|---|---|---|
| €30,000 | €150,000 | €214,000 |
| €50,000 | €250,000 | €357,000 |
| €75,000 | €375,000 | €536,000 |
| €100,000 | €500,000 | €714,000 |
| €150,000 | €750,000 | €1,071,000 |
What are the mortgage interest rates in Turkey currently?
As of September 2025, Turkish mortgage interest rates reach approximately 43.2% annually, making property financing extremely expensive for all borrowers.
These exceptionally high rates result from Turkey's monetary policy responses to inflation and currency instability, affecting both domestic and international buyers equally. Banks offer slight variations in rates, but all major lenders maintain rates above 40% for residential mortgages.
Variable rate mortgages track Turkish central bank policy rates, which remain elevated due to ongoing economic challenges. Fixed rate options are rare and typically carry even higher rates when available due to interest rate risk premiums.
International currency mortgages in EUR or USD may offer lower nominal rates around 8-12%, but currency risk exposure and conversion costs often make them more expensive overall. Banks also limit foreign currency lending due to regulatory restrictions and borrower protection measures.
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What is the duration of the mortgage loan you are considering, and do you understand the repayment terms?
Turkish mortgages for foreigners typically range from 10-15 years maximum, significantly shorter than international mortgage standards.
Monthly payments are substantially higher due to short loan terms combined with 43.2% interest rates, requiring careful cash flow planning and financial reserves. For example, a €200,000 mortgage over 15 years at 43.2% requires monthly payments of approximately €7,400.
Early repayment penalties apply at most banks, typically 1-3% of outstanding balance if paid within the first 5 years. Some banks allow partial prepayments without penalties after 2-3 years, though terms vary significantly between lenders.
Payment currency must match the mortgage currency, requiring Turkish Lira payments for TL mortgages regardless of your income currency. This creates exchange rate risk for international earners that can significantly increase payment amounts over time.
Default consequences include property foreclosure, personal liability for shortfall amounts, and negative credit reporting in both Turkey and potentially your home country depending on information sharing agreements.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Getting a mortgage in Turkey as a foreigner is technically possible but financially challenging due to 43.2% interest rates and strict lending criteria.
While banks approve international buyers with proper documentation and 30-50% down payments, the extreme cost of borrowing makes cash purchases significantly more practical for property investment in Turkey.
Sources
- Complete Guide to Getting a Mortgage in Turkey as a Foreigner
- Overseas Mortgages in Turkey
- Turkey Mortgage Interest Rates
- Step-by-Step Guide to Applying for a Mortgage in Turkey
- Alternatif Bank Mortgage Options
- Yapi Kredi Banking for Foreigners
- Turkey Property Investment Guide
- Mortgage Guide for Foreigners in Turkey
- Turkey Property Buying Procedures
- Financing Property in Turkey for Foreigners