Buy Installment of Property

How to Buy an Installment Property in Turkey?

1- Purchase of installment of property from the manufacturer company

This method of buying a home installment You can buy both unfinished homes and buy finished homes. You will pay less in advance for a home purchase and you may even pay more for a fixed estate in a installment purchase, but you can be sure that you will reside immediately.

In this way, the property purchase agreement is concluded between you and the developer and you buy the property from a company, not a person.

You will live in the renovator’s house in this manner, but will not receive a document until the end of the installment payment, and the document will be transferred and delivered on the settlement day.

Advantages of installment purchase of property from the company:

This way your purchasing power will be much higher and you can buy a better property than your initial cash could buy. This will put less pressure on the buyer.
Especially when you are looking to buy a home, you will receive exceptional offers from sellers, as they want to sell part of the unit and pay part of their cost.
You may be able to exchange the purchased property with another until the last moment, but there is no way to pay cash from where the document is transferred immediately.

Disadvantages of installment purchase of property by the company:

It may take several years for your document to be issued and you cannot use your property for any other purpose. If the house is not finished yet, there will be no option for you.
You will not be entitled to permanent residence by investing in Turkey even if the purchase price for your home is over $ 250,000. The only way you can get a temporary residence permit is to become permanent after 8 years of living in Turkey.
The fate of your property and life will be directly related to the fate of the company. If the company goes bankrupt or is sentenced in court, its property will be confiscated and unfortunately your home is also a property of the company and you have to run for damages.
The contract must be clearly worded, with most contracting companies making a volatile way out of compliance.
Foreign exchange market fluctuations may end up costing you a whole lot and buying and selling a home you could buy at a much lower price at a much more expensive installment payment.
You will lose better choices over the years.

2- Buying an installment with a bank loan

This will be your bank account. That way you borrow from the bank and the bank buys the house for you and pays part or all of the amount to the developer and you repay the amount to the bank in installments.

According to this method, the document will be issued in your first name, but you will not be entitled to use it because the document will be held by the bank until the end of your installment. Bank interest in Turkey for such loans is often between 8% and 10%, and installments are often repaid over 10 to 15 years.

Just keep in mind that in order to use this method you must prove your financial ability to buy the property and pay it off to the bank and the experts will be required to verify the claim.

Required documents for loan:

  • Banking forms
  • Original and copy of passport
  • Tax number
  • Copy of Topo Property and its verified address
  • Non-Debt Certificate in Iran with confirmation from Iranian Embassy
  • Print bank account turnover in Iran
  • Provide a valid legal receipt if you are an employee or retiree
  • Accurate and accurate reporting of income from self-employment
  • These documents must be translated and approved by the Turkish Embassy

If you refuse to buy the property after getting a loan you will have to pay a fine based on the number of installments remaining: If you have less than 36 installments, you will have to pay one percent of the total loan amount as a penalty.
If you have more than 36 installments, you should pay two percent of the total loan amount as a penalty.

Advantages of installment purchase with bank loan:

  • The fate of your property will have nothing to do with the developer company and the property will be in your name at first.

Disadvantages of installment purchase with bank loan :

  • Manufacturers didn’t get any benefit from you unlike the bank.
  • Finding a bank for a mortgage can be no easy task

You can contact our experts through WhatsApp or 09126068567 to buy and find the latest price list, discount, residential and commercial property payment program and investment in Istanbul, Turkey.

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