1. Property Purchase by European Citizens in Alanya
European Union (EU) or European Economic Area (EEA) citizens can purchase real estate in Turkey. Since Alanya is one of Turkey's popular tourist areas, property ownership by foreigners is common. There are no special restrictions for European citizens to buy property in Alanya, but the following points should be considered:
• Military Forbidden Zones: In some areas of Turkey, property sales to foreigners are prohibited in military zones and strategic areas.
• Title Deed and Notary Procedures: Property transactions are carried out through the title deed office and notary. Title deed fees and other costs should also be paid.
2. Can European Citizens Get a Loan in Turkey?
Yes, European citizens can obtain a loan from banks in Turkey to purchase property in Alanya, but certain conditions apply:
• Residence Permit in Turkey: Foreigners typically need to either reside in Turkey or have an official employment contract in Turkey to be eligible for a loan. However, some banks may also accept residence or income documents from abroad.
• Mortgage Requirement: The property being purchased can typically be used as collateral for the loan. The loan is usually granted with the property being mortgaged.
3. Required Documents to Get a Loan
The following documents are typically required for European citizens to apply for a loan in Turkish banks:
• Valid Passport: A valid passport is required for identity verification during the loan application.
• Turkish Tax Number: A tax number is necessary for carrying out transactions in Turkey. To obtain a tax number, documents like a passport and residence permit are required.
• If You Don’t Reside in Turkey: Documents proving income from your home country and related documents about income earned abroad may be necessary.
• Income Proof: Documents showing income sources in Europe (payroll, bank statements, employment contract, etc.) may be required.
• Bank Account Statements: If you have a bank account in Turkey, this may also be needed.
• Title Deed and Sale Contract: A copy of the title deed and the contract made with the seller must be presented to the bank.
• Property Valuation Report: A report showing the market value of the property you plan to purchase may be requested.
4. Loan Terms and Repayment Period
• Interest Rate: Interest rates on loans for European citizens in Turkish banks may be higher than those for local citizens. Interest rates offered by banks to foreigners can vary.
• Loan Term: Loans for foreigners are typically shorter in term compared to those for local citizens. Banks usually offer loan terms between 10-15 years, but the length of the term may depend on the bank's policies and the loan amount.
• Loan Amount: Foreigners can typically borrow up to 50-60% of the property value. The amount typically offered is 50% of the property value for a foreigner, but bank policies can vary.
5. Loan Application Process
The loan application process generally follows these steps:
Application: Submit the necessary documents to the bank.
Evaluation: The bank evaluates the application and documents. A foreigner's credit history and income status are important factors.
Missing Documents or Approval: The bank may request additional documents for approval.
Mortgage and Collateral: If the loan is approved, a mortgage may be placed on the purchased property, providing collateral for the bank.
Loan Agreement: When the loan is approved, a loan agreement is signed, and the repayment plan is established.
Summary
• European citizens can obtain a loan to buy property in Alanya, but certain conditions and documents are required.
• Banks may request documents such as a residence permit or work permit for Turkey.
• Interest rates and loan terms may vary between banks.
• Required documents for obtaining a loan include a passport, residence permit, income proof, bank account statements, tax number, etc.
Different banks in Turkey may have different loan policies, so it's important to contact specific banks for clear information about the conditions for loan applications.