As a foreigner interested in buying property in Turkey, you are eligible to get a mortgage from Turkish bank, too. You can start by visiting the banks that offer mortgage to foreign investors and compare the interest rates. Irrespective of which bank you choose; you can only get as much as 70% of the estimated property value. From a Turkish bank, you can get finance in various currencies like euro, dollars, and pounds. The repayment periods for the mortgage obtained from a Turkish bank can be up to 20 years.

While it’s a great option for investors who can’t get a loan from their home country, the interest rates are pretty high if you get a mortgage in Turkey. This is a factor of great consideration if you’re investing with an aim to earn rental income. There are also certain conditions to be met to secure finance from a Turkish bank. These conditions include having a habitation license which is called iskan in Turkey. Second-hand properties usually come with no iskan making it impossible to apply for mortgage in Turkey. This is the reason investors either go for new build apartments or apply for a mortgage in their home country.