Types of loans in Turkey – How can a foreigner get a loan in Turkey – All you need to know


Many people who settle and immigrate to Turkey may need multiple loans to finance different activities such as starting a business or buying real estate.

In this article, we will explain how to get a loan in Turkey, its terms and what are the facilities offered to foreign nationals, so stay with us.


Getting a loan in Turkey

People with foreign citizenship can apply for a loan in Turkey to buy a house, start a business, or meet some of their needs.

Previously, there were many obstacles for foreigners applying for bank loans, but since 2007, the Turkish government has put in place laws supporting foreign investment, allowing foreign nationals in Turkey to easily obtain a bank loan.

One of the most important terms for obtaining a bank loan in Turkey is to prove the financial ability of the borrower, as the repayment of your monthly loan should not exceed 45% of your monthly income.

Note that rental income from private property is not taken into account when calculating the income and financial capacity of an individual who wants to obtain a bank loan.


The interest rate on bank loans in Turkey has been set from 8% to 13%, and the loan repayment period ranges between 10 and 15 years.

But the repayment period has age conditions, where the age of the recipient must be less than 80 years at the end of the term.

In other words, you must be approximately between 25 and 70 years old when you get a loan in Turkey, and almost all foreign nationals can get a loan in Turkey at a fixed rate to repay it.

Real estate loans in Turkey

Buying ready to move property in Turkey

The Turkish real estate market has been an active market that attracts the attention of many foreign investors.

When deciding to buy a property in Turkey, financing is the first thing to consider, suppose you decide to buy a ready to move property in Turkey but you do not have the full price, in this case, you can apply for a loan in Turkey so that you can buy it.

Due to the increase in the number of immigrants and foreign nationals living in Turkey, if certain conditions are met, Turkish banks will provide loans to foreigners who want to get real estate loans, in order to attract foreign investors and encourage them to buy real estate in Turkey.


First, you need to know which banks can lend to foreigners in Turkey, then you must determine the value of the property and the amount of money you need to borrow.

But note that most banks in Turkey will lend you between 50% and 70% of the value of the property you intend to buy.

However, few financial institutions lend larger percentages, and some limit the value of loans to 65% of the property value.

The minimum loan amount is usually around $75,000, and this amount varies depending on the bank and the value of the property you intend to purchase.

After about 3 to 4 days of submitting the required documents, the applicant will get the “initial approval” and the bank will send a specialized employee to evaluate the purchased property. 

After the experts’ assessment, the “mortgage” is approved and the applicant can submit a request to transfer the title deed.


Buying an under construction property in Turkey

In addition to what we mentioned above, there are other ways that can replace the purchase of a ready-made property in Turkey, for example you can buy a property under construction in this country.

In the process of buying real estate under construction in Turkey, the buyer pays only 20% to 30% of the property value as a down payment and the rest is paid in installments according to the project schedule and in agreement with the project owner.

In this way, there is no need to pay interest on bank loans and this is a great advantage, and the title deed document is signed in the name of the customer after full settlement of the payment terms.

But note that if you want to get a bank loan to buy a property under construction in Turkey, it must be after about 90% of the construction of the project is completed.

If you are planning to buy a house or apartment in Turkey, you can contact our real estate consultants to get the best possible offer and advice.

We will accompany you during the process of buying a property in Turkey, until you obtain Turkish residency or citizenship.

Conditions for applying for a loan for foreigners in Turkey

The applicant must submit the loan application directly to the bank or appoint a lawyer/person in Turkey to sign the loan agreement.

One of the prerequisites for obtaining a loan for a foreign citizen in Turkey is to obtain a work permit and a residence permit, so you cannot get a loan without working in Turkey.

However, in some limited cases, you can apply for a loan in Turkey by sending a financial statement of your bank account in your country of origin to the bank in Turkey.


Types of loans and documents required to obtain a loan in Turkey

Consumer loansOpening a bank account in Turkey and depositing cash
A copy of the passport
Work permit and income statement
Residence permit
A guarantor holding Turkish citizenship
car loanOpening a bank account in Turkey and depositing cash
A copy of the passport
The original car invoice
Work permit and salary statement
Residence permit
A guarantor holding Turkish citizenship
real estate loanOpening a bank account in Turkey and depositing cash
A copy of the passport
Original title document
Work permit and salary statement
Residence permitA guarantor holding Turkish citizenship

The documents in each of the above cases may differ depending on the bank or the current circumstances, and more documents may be requested,

For this reason it is better to check the list of required documents from the official website of the bank.

Documents issued outside Turkey must be certified and stamped by the authorized authorities in the source country.

Documents must also be translated by Turkish translators and their translation must be certified by the notary.


What are the Turkish banks lending to foreigners?

Among the banks and financial institutions operating in Turkey, the following banks lend to foreign nationals under certain conditions:

In addition to the above mentioned Turkish banks, almost all foreign banks located in Turkey lend to foreign nationals.

Frequently Asked Questions

❓ What are the loans granted to foreigners in Turkey?

According to Turkish law, foreigners in Turkey can apply for a consumer loan, a car loan, or a property purchase loan in Turkish banks.

❓ What is the interest rate on bank loans in Turkey?

Interest rates on bank loans in Turkey range from 8% to 13%.

❓ Can unemployed foreigners get a loan in Turkey?

No, it will be possible to obtain loans for unemployed foreign nationals, only in special cases that have been fully covered in the previous sections.