Which Banks Offer Mortgage Loans in Turkey?

Can a Foreigner Get a Mortgage in Turkey?

Yes, foreign nationals are entitled to take out a mortgage loan from Turkish banks. Following the mortgage law reform in 2007, the rules for lending to non-residents were significantly simplified. Today, a loan for purchasing real estate in Turkey is a real tool for those who do not have the full amount on hand but have a stable income abroad or in the country. According to official statistics, in April 2025 alone, 14.8% of all residential property transactions in Turkey involved a mortgage – that’s over 17,000 properties.

However, it is important to understand that conditions for foreigners differ from those banks offer to Turkish citizens. The loan is not for the entire property but typically 50–70% of its appraised value. The borrower pays the remaining amount from their own funds.

Which Turkish Banks Offer Mortgages to Foreigners

Below is a list of the main banks that actually work with non-residents and have mortgage lending programs for buying property in Turkey.

Ziraat Bankası

Turkey’s largest state-owned bank with an extensive branch network across the country. One of the most loyal to foreign borrowers. Offers mortgages in both Turkish lira and foreign currencies (US dollars, euros). Down payment – from 25% of the appraised value. Interest rates for foreign currency loans are 7–8% per annum; lira loans have higher rates, tied to the Central Bank’s current key rate.

Akbank

One of the largest private banks in the country, founded in 1948. Actively lends to foreigners and has English-speaking staff at major branches. Features a relatively fast application processing time – from 2 to 4 weeks. Mortgages available in US dollars, euros, and lira. LTV (loan-to-value) – up to 60% of the property’s appraised value.

DenizBank

A bank with a strong international presence, long and closely working with clients from CIS countries and Europe. Offers special mortgage programs for foreigners with flexible loan terms – up to 10 years. Foreign currency loan rates start from 6% per annum. Considers applications from borrowers with verified income abroad.

Garanti BBVA

Turkey’s second-largest private bank, part of the international BBVA group. Offers mortgages to non-residents for both primary and secondary market properties. Interest rates are set individually and depend on the loan currency, amount, and term. Minimum down payment – 30%.

Türkiye İş Bankası (İşbank)

Turkey’s oldest private bank. Works with foreigners, but the approach is more conservative: the bank thoroughly evaluates the borrower’s credit history and source of income. Mortgages are available in dollars, euros, and lira with rates starting from 7% per annum for foreign currency programs.

Other Banks

In addition to those listed, mortgage products for non-residents are also offered by VakıfBank (state bank), Kuveyt Türk and Türkiye Finans (Islamic banks operating on the ‘murabaha’ principle without traditional interest). The latter two are especially interesting to borrowers from Middle Eastern countries, but are also available to Russians.

Mortgage Loan Terms: Rates, Terms, Currency

Key mortgage parameters in Turkey for foreigners as of 2025:

• Loan currency. Loans are available in Turkish lira (TRY), US dollars (USD), and euros (EUR). The choice of currency is critical: as of early 2026, lira mortgage rates reached 34–37% per annum, while foreign currency rates were 6–9%. Meanwhile, the lira continues to depreciate, partially reducing the real cost of servicing lira debt when converted to hard currency.
• LTV (loan-to-value ratio). Banks finance from 50% to 70% of the property’s appraised value. The appraisal is carried out by a bank-accredited expert. If the borrower or their family members already own real estate in Turkey, the LTV may be reduced to 25%.
• Loan term. Usually up to 10 years. Some banks offer programs up to 15 years, but this is rare for non-residents.
• Down payment. From 25% to 50% – depending on the bank, currency, and specific property.

Borrower Requirements and Document Package

Each bank creates an individual borrower profile, but the basic list of requirements is as follows:

1. Passport with a valid expiry date and notarized translation into Turkish.
2. Turkish tax number (Vergi Numarası) – obtained at any tax office in Turkey in 15 minutes.
3. Proof of income from the employer, notarized and translated into Turkish. Also accepted: bank statement showing account activity, rental agreement (if rental income), certificate of deposit and accrued interest.
4. Credit history – the bank may request a credit report from the borrower’s country of citizenship.
5. Property documents: preliminary sale and purchase agreement, TAPU (title deed) or its draft, property appraisal report.
6. DASK insurance – mandatory earthquake insurance; must be arranged before signing the loan agreement.

Hidden Costs and Pitfalls

When taking out a mortgage in Turkey, it’s important to consider additional costs that are not included in the loan principal but significantly affect the final budget:

• Bank loan arrangement fee – about 2% of the loan amount.
• Independent property appraisal – from 5,000 to 10,000 TRY depending on the region.
• DASK insurance policy – approximately 2,000–3,000 TRY per year.
• Notary translations and document certifications – cost varies, budget for 5,000–10,000 TRY.
• Title transfer tax – 4% of the cadastral value of the property (officially paid by both parties to the transaction, but in practice often falls on the buyer).

Moreover, it is important to check the property for legal clarity: the bank will not approve a mortgage if the property does not have a finalized TAPU or is located in an encumbered zone. The property must be at least 90% complete – loans for off-plan properties are almost never issued to foreigners.

Step-by-Step Process for Getting a Mortgage in Turkey

1. Choose a property and sign a preliminary contract with the seller.
2. Apply to one or several banks, providing the basic document package.
3. Wait for preliminary approval (usually 3–7 working days).
4. Order an independent appraisal of the property through a bank-accredited appraiser.
5. Receive the final loan offer with the interest rate, term, and payment schedule.
6. Obtain DASK insurance.
7. Sign the loan agreement and the sale and purchase contract in the presence of a bank representative.
8. Register the transfer of ownership with the Land Registry Office and obtain the TAPU with a note of the encumbrance in favor of the bank.

Conclusion: Which Bank to Choose

The choice of bank depends on your priorities: if you need maximum loyalty to foreigners and a wide branch network, turn to Ziraat Bankası. If speed and English-speaking service are important, consider Akbank or DenizBank. For large deals with a personalized approach, Garanti BBVA is suitable. And if you fundamentally avoid classical loan interest, look into the Islamic banks Kuveyt Türk and Türkiye Finans.

Top tip: apply to 2–3 banks simultaneously and compare the final offers. The specific interest rate and LTV depend not only on the bank but also on the property, currency, your income, and credit history. With a smart approach, a mortgage in Turkey becomes a real tool for buying property – be it an apartment for a residence permit, an investment property, or a home for moving to the coast.