Have you ever thought about immigrating to Turkey or buying a villa in Antalya or other resort cities of this country? Migration and living in better conditions is one of the concerns of Iranians today. Definitely, one of the requirements of immigration is to consider the welfare and immigration conditions of the destination country. Meanwhile, one of the most popular countries for Iranians to immigrate to is Turkey. Turkey, which is in the neighborhood of our country, is one of the best countries for immigration due to its moderate weather conditions, closeness of culture and customs to Iranian culture, historical and religious compatibility. The methods of buying property in Turkey with a bank loan and in installments are among the most convenient methods of obtaining a citizenship visa and buying property in this country. Stay with us in the next article to investigate this issue.
What are the rules for buying property in Turkey through a bank loan?
It is possible to apply for a loan in Turkey by foreign nationals after obtaining the residence of this country. First, you should determine your purpose of getting a loan. It should be noted that there are no problems or obstacles for foreign nationals to collect loans in Turkey. Proof of favorable financial conditions is one of the main and most important conditions for receiving a bank loan in this country. Note that paying monthly loan installments should not exceed 40% of your income. It is interesting to know that the interest rate of Turkish bank loans is only between 7 and 13 percent. Also, you can pay your loan installments in 10 to 16 years.
What documents do you need to buy a property with a bank loan?
Among the documents required to buy a property with a bank loan, the following can be mentioned:
- Delivery of completed bank forms
- Original and copy of passport
- Tax number, to obtain this number, you should refer to the tax office in Turkey.
- Copy of the document and confirmation of the address of the desired property
- Confirmation of non-debt to Iranian banks along with embassy confirmation
- Presenting and delivering a certified pay slip, if you are employed or retired in Iran.
- Valid statement of your assets in Iran
- Reliable and documented report of your monthly income in Iran, if you have a freelance job in Iran.
You should pay attention to the fact that all the documents mentioned above must have an official translation and confirmation from the Turkish Embassy in Iran .
What are the conditions for applying for a loan in Turkey?
In order to apply for a bank loan in Turkey, in addition to having the documents required to buy a property with a bank loan, you must also meet the necessary conditions for receiving a loan. Having the necessary conditions to get a loan, you can easily apply for a loan in this country. Among the conditions required for applying for a loan, the following can be mentioned: Turkish residence
- Benefit from a valid guarantor in Turkey
- Having cash deposits in Turkish banks
- Having a work permit and activity in this country
- Providing confirmation of employment and ability to pay the loan
What are the conditions for buying property in Turkey?
The right age to buy a property in Turkey is between 25 and 70 years old. If your desired property has two owners, it is necessary to complete separate forms for both owners. In addition to the methods of buying property in Turkey through bank loans and in installments, another method of buying a house in Turkey is buying property from projects under construction. When buying a house from a project under construction, you have to pay 20-30% of the amount as an advance and pay the rest of the cost in installments according to the agreement and contract with the project owner.
How can you own a property in installments?
In recent years, with the increase in people’s desire to buy property in Istanbul and other Turkish cities, there have been many requests for bank loans by foreigners. For this reason, the banks made a contract with the construction companies of real estate projects, so that foreigners can refer to these companies to receive facilities and buy real estate. According to the contract between banks and real estate companies, in addition to cash sales, these companies also have installment sales and can sell real estate to Turkish citizens and foreigners by receiving advance payments and in installments. The requirement to buy a house in Istanbul and other Turkish cities in installments is to enter into a legal and official agreement with these companies.
The buyer can settle the installments and debt of his property within 1 to 3 years. Of course, it should be noted that the settlement period of these installments is different in different real estate projects and depends on many factors.
How many types of taxes are there in Turkey?
- Direct tax
This type of tax is directly collected from people’s income and assets, and the most common types are: tax on individual income, organizations, economic institutions, and tax deducted from employees’ salaries.
- indirect tax
Indirect tax is a tax that is paid by citizens in an inconspicuous way at the time of purchase.
How many types of taxes must be paid to stay in Turkey?
It might not be bad to take a look at the taxes required for the residents of this country while examining the methods of buying property in Turkey through a bank loan and in installments. In general, these taxes are:
1. Income tax
This type of tax is for any income and profit received by people residing in this country. The different types of this tax, based on the type of income, are:
- personal income
- Institutional revenues
- Property rental
- Freelance profits
- Income from agriculture
- Profit from investment in real estate and assets
- important papers, worthy documents
This tax is between 15 and 35 percent for each person.
- Expenditure tax
Cost tax has 4 sections: value added tax, special consumption, banking and insurance transactions, and stamp duty. Value added tax is set between 1 and 23 percent. This amount is different for different cases. For example, VAT is 18% for domestic companies, 1% for rental income, 23% for car rental and 8% for other land vehicles.
- Property tax
Payment of property and real estate tax is mandatory if you use the methods of buying property in Turkey through bank loans and in installments or other methods. In general, this tax is related to real estate and property and includes three parts, which are:
- Property tax
- Vehicle tax
- Inheritance and gift tax
Buying a villa in Izmir, owning an apartment in Istanbul or obtaining a residence in Turkey is the dream of many people in Iran and the world. But not having enough information may keep you away from this dream. Fortunately, CityRealty real-estate Agency, with a stellar track record in buying property in Turkey, is here to help. This collection will be with you during all the steps and methods of buying and renting property in Turkey. At the same time, our expert lawyers and consultants speed up the processes related to buying property and obtaining your residence and they bring you to your dreams quickly, easily and of course at a reasonable cost.