Mortgage​

• Loans extended to consumers for housing purchases,
• Consumer loans given with the mortgage of the house owned,
• Housing loans given during the house construction phase,
• Renting of residences to consumers through financial leasing,
• Refinancing of existing loans is within the scope of housing finance.

Real estate to be used for commercial purposes is not within the scope of the Housing Finance Law.

Housing finance loans are exempt from the Banking and Insurance Transactions Tax (BITT). Since BITT is a tax imposed at a rate of 15% on the interest amount of loans, the interest burden on loans within the scope of the Housing Finance Law is 15% lower.

For fixed-rate housing finance loans, an early payment commission of up to 2% of the early payment amount is collected. Early payment commission is charged as 1% of the early payment amount for loans with a remaining maturity not exceeding 36 months, and 2% for loans with a remaining maturity exceeding 36 months.

There is no early payment fee for variable interest housing finance loans.

Interest type of loans within the scope of housing finance:

1. Fixed

2. Variable

3. It can be mixed (fixed and variable).

In contracts with a fixed interest type, the interest rate determined at the opening of the loan cannot be changed without the mutual agreement of the customer and the housing finance institution. The interest rate of variable interest loans will fluctuate indexed to the CPI in the periods determined at the contract stage (for example, every 3 months or every 6 months). Loan installments may increase or decrease as a result of changes in interest rates.

According to the 'Regulation on the Principles and Procedures Regarding the Refinancing of Loans within the Scope of Housing Finance,' published in the Official Gazette on September 29, 2007, refinancing includes:

• Making changes to the loan interest rate,
• Making changes to the loan term,
• Making changes to the interest type specified in the housing finance agreement,
• Consolidating multiple housing loans, provided that the same property is used as collateral,
• Making changes to the housing finance institution,
• Making changes due to alterations in the currency specified in the housing finance agreement with the mutual consent of the housing finance institution and the consumer.

If the borrower fails to pay the installment, the housing finance institution is obligated to notify the borrower by registered mail within 5 business days.

In case of non-payment, the housing finance institution reserves the right to demand the repayment of the remaining debt. However, in the case of housing finance loans, the recall of the entire debt is only possible if at least two consecutive installments remain unpaid.

Annual Cost Rate is the total cost of the loan to the customer, including loan interest, public obligations (taxes) and all expenses. All expenses such as Loan Allocation Fee, Movable and Immovable Mortgage Establishment Fee, Appraisal Fee and Insurance Expenses that must be paid at the time of loan disbursement are included in the interest rate and the annual cost rate is calculated.

You can easily make your loan installment payments in the following ways:

• Internet Branch
• Odea Application
• Contact Center (444 8 444)
• EFT/transfer from any bank account
• Akbank ATMs and PTT Branches

*To make payments through Akbank ATMs and PTT branches, you will need your Turkish Identification Number (TC Kimlik No) and the IBAN Number associated with your credit account. Payments at PTT branches incur a fee of 18.26 TL, including BSMV, while payments at Akbank ATMs are charged at 17.50 TL + BSMV. Payments to Odeabank can be made by selecting the 'Odeabank Payments' option on Akbank ATMs.

Is the house earthquake resistant?

Having the house you purchase built by a reliable construction company will put you at ease. You can evaluate factors such as the structure of the ground, the number of floors in the building, the quality of construction, the age of the building, and you can also get information about this from the site, apartment management or municipality.

What is the nature of the title deed?

Housing loans cannot be granted in exchange for land title deeds. The house you want to buy on credit must have a "condominium" or "floor easement" deed. The nature of the title deed must be residential. Loans cannot be given within the scope of housing finance with a business mortgage.

What are the other critical points regarding construction?

In addition to basic issues such as the ground survey being carried out and the building being built in accordance with the Earthquake Regulation, the quality of the materials used in construction, the heat and sound insulation of the building, the interior design of the house, and the landscaping if the house is within the site are among the elements that need to be examined.

What is the price of the house?

The value declared in the appraisal report and the sales price must be compatible, and the sales price must be reasonable when compared to similar housing prices in the surrounding area. In price comparison, it may also be a wise option to base the square meter price. When comparing square meter prices, it is necessary to pay attention to the gross/net distinction. In addition, the house must be built in accordance with the project, and there must be no applications such as a new addition or different use of space that are not included in the original architectural design.

To what extent does the location of the house meet your needs?

It would be good if the location of the house makes it easier for you and your family members to reach work or school.

If you attach extra importance to security;

The fact that the house is located within the site will largely meet your expectations. The availability of open or closed car parks, children's playgrounds and basic shopping needs being met in close proximity will also positively affect your life in your new home.

If you are buying a house that is in the project phase or has not been completed;

It is critical that the construction company is reliable. Examining any projects the company has completed before and doing even brief research about the company beforehand will put you at ease when making this important decision of your life.

When you want to sell your house, can a buyer be found quickly?

Factors such as the location of the house, its interior layout, the number of rooms, being in a neighborhood that can be purchased for investment purposes, being easy to rent, whether it is within a site or not, the age of the building, and its proximity to public transportation are effective on the ease of sale.

Be careful of unexpected expenses!

You should make sure that the house you are buying does not have any unpaid debts such as electricity, water, natural gas or dues from the past periods. In addition, the condition of water, heating and electrical installations, especially in buildings over a certain age, and whether there is a need for renovations in the house you are going to buy, should also be evaluated together with the price of the house.

To initiate your Mortgage Loan application quickly, you can contact our branch by phone and start the pre-evaluation process by sharing your ID card via fax or email with your customer representative. Mortgage and appraisal procedures can also be carried out by our bank in cities where we do not have branches. To complete your loan application, receive the pre-contract information form for review, and subsequently sign your loan agreement and payment plan, you need to visit our branch with the required documents.

• Identity Document (Identity Card, Driver's License or Passport with TR ID number)
• A natural gas, electricity, telephone or water bill for the last 3 months in the name of the applicant
• Income Certificate
• Photocopy of the title deed of the house to be purchased

For self-employed professionals/business owners:

Last year's tax certificate, balance sheet, and income statement/business account summary Trade Registry Gazette/Chamber Registration Certificate

For Company Partners:

Last year's Tax Certificate, certified balance sheets, and income statements/business account summary Trade Registry Gazette/Chamber Registration Certificate

For Salaried Employees:

Payroll or salary letter and company signature circular

For Retirees:

Pension statement or a letter containing information about the bank account where the retirement pension is deposited

For those declaring Real Estate Income:

Title deed proving income and the relevant lease agreement

For those Earning Capital Income:

Bank statements indicating interest income.

• After your loan application reaches our branch, the appraisal process is initiated by our branch. Thus, the value of the house you want to buy is determined.
• You create the payment plan that best suits your budget together with our experienced sales representatives.
• After your loan is approved, you should review your contract information.
• After the title deed transactions are completed and the mortgage is established, the loan is disbursed.
• According to the legislation, a Housing Loan can be provided up to 80% of the appraised value of the house to be purchased.
• It is available to individuals over the age of 18 who can document their income.
• The house subject to the loan is mortgaged.
• Housing Loan up to 120 months can be used. Loan requests with a maturity longer than 10 years are also evaluated on a customer-specific basis. However, for maturities over 120 months, the installment amount does not decrease significantly and the total repayment amount increases throughout the term. For this reason, we recommend our customers to use a loan with a maximum maturity of 120 months.
• For the house to be purchased, our customers must have Home Insurance and Compulsory Earthquake Insurance (DASK), which is mandatory by law.