Mortgage

Your dream home is now within reach. You can get the Mortgage details you need together with attractive offers.

Odea Mortgage

Odeabank's basic Mortgage with a maturity of up to 120 months.

Discounted Mortgage

If you would like to reduce the interest and installment amounts you pay by settling additional commissions with a lump sum at the start of the loan period, the Discounted Mortgage is a solution that is more likely to suit you.

"Set up Your Own Payment Plan" Mortgage

You can set up your Mortgage payment plan in conformity with your budget and decide on the installment amount and period that suit you best.

Accelerating Mortgage

If you want to kick-start your Mortgage with low installments, this product is perfect for you. And if your income is expected to grow or other current debts to be covered earlier than thought, you can apply for an Accelerating Mortgage Plan and simply own a home by settling installments as if you were paying rent.

Transfer Mortgage

Is the interest applied to your Mortgage higher than the current market rate? You can transfer your loan to Odeabank and get attractive interest rates and comfortable payment options.

Commission-free Mortgage

You can get the house of your dreams without paying any disbursement commissions.

Interim Payments Mortgage

If you would like to make additional payments throughout the loan period, the Interim Payment Mortgage is the right product for you. It is best suited to employees who get bonuses or self-employed individuals who experience an increase in their income at certain periods of time. You can fully reimburse your principal before the end of the loan period with equal installments and pay less interest.

Start to Pay Later Mortgage

Step into your dream home today and start paying later. Odeabank offers you the opportunity to postpone installments up to 3 months.

Mortgage for Non-Residents

Customers who live abroad and want to purchase property in Turkey can benefit from Odeabank's Mortgage products.

Mortgage for Non-Residents can be originated in Turkish Lira, or can be indexed to EUR or to USD.

The loan amount can reach up to 50% of the property's appraised value.

Click here to find out which documents are required to apply for the Mortgage for Non-Residents.

100% Mortgage

You can get a loan for the entire cost of housing you want to buy. According to Turkish legal regulations, the housing loans can be granted up to 80% of the appraisal value of the house. For the remaining 20%, you can also get a loan with a second mortgage. The second mortgage has to be put on another residential property that belongs to you and that has a sufficient appraisal value.

All Inclusive Mortgage

You can include the mortgage fee, appraisal and insurance costs in your loan so that you can comfortably buy your house without the need of additional cash. Costs are included in your payment plan.

The documents are required to apply for Mortgage for Non-Residents

• Passport
• Document showing residential address
• The document showing that the deposit (50% of the value of housing) have been paid to the seller or the document of bank account showing the deposit
• Income Statement
  • For Paid Employees
    • Payroll or salary letter and company signature circulars
    • Customer's bank account slip that shows the transactions for last three months
    • Last years' Tax Registration (p 60 form for the United Kingdom and Ireland)
    • Certificate from the credit bureaou of customer's own country
  • For the self-employed, tradesman or company shareholders
    • Last years' Tax Registration, balance sheet and income statement/business account statement,
    • Trade Registry Gazette / Chamber Registry Document.
    • Real estate deeds and the license of vehicles owned by the company (if applicable)
    • The bank account slip of the company that shows the transactions fort he last three months
    • Tax identification card issued by the Turkish Ministry of Finance or the foreign identity number provided from the Turkish Police Department.

The loan application can be initiated with the copies of these documents, hovewer the originals are required for actual loan disbursement. The visa expiry date must include the date of lending.

What is Mortgage?

According to the "Law Amending the Laws Related to the Housing Finance System" dated February 21, 2007 and numbered 5582, the following falls under the Mortgage category:

• Loans extended to consumers for the purpose of purchasing a house,
• Consumer loans granted with a Mortgage of the home owned,
• Housing loans extended during the construction of the home,
• Renting of the home to consumers by means of leasing,
• Refinancing of the current loans.

Commercial and business premises do not fall within the scope of the Housing Finance Law.

Why are the loans within the Housing Finance Law's scope more attractive than other consumer loans?

It is due to the fact that they are exempt from the Banking and Insurance Transaction Tax (BITT). Since BITT is a tax charged on the loans' interest at a rate of 15%, the interest on the loans falling within the scope of the Housing Finance Law is therefore 15% lower.

When is the early settlement commission charged?

In the fixed-interest housing finance loan, a 2% early settlement commission is charged on the early-paid principal. If you decide to fully reimburse your loan's remaining balance before maturity, the early settlement commission will rise over the remaining principal.

The early settlement fee does not apply to housing finance loans with variable interest rates.

What are the interest rate options?

The interest rate type of the loans within the scope of the housing finance can be:
1.Fixed
2.Variable
3.Combined (fixed and variable).

The determined interest in the loans executed under the fixed interest rate system cannot be amended without the mutual agreement of the customer and the housing finance institution. As for the loans with variable interest rates, the interest will be floating, as indexed to the CPI, at regular intervals (i.e. once in 3 or 6 months) as determined in the agreement. As a result of the interest rate changes, the loan installments may increase or decrease.

What does "Refinancing" mean?

According to the "Regulation on the Principles and Procedures Related to the Refinancing of Loans within the scope of the Housing Finance" published in the Turkish Official Gazette No. 26658 and dated September 29, 2007, refinancing includes:

• A change in the loan's interest rates,
• A change in the maturity of the loan,
• A change in the interest type indicated in the house financing agreement,
• Combining under a single mortgage, if more than one Mortgage is taken, by showing the same house as collateral,
• A change in the housing finance institution,
• Changes to be made with the agreement of both the housing finance institution and the consumer due to changes made in the currency indicated in the housing finance agreement.

What happens if the housing finance loan installments are not settled?

If the borrower fails to settle an installment, the housing finance institution will notify him by registered mail within 5 business days. In case of repay failure, the housing financial institution reserves the right to demand the settlement of the whole remaining debt. However, recalling the whole debt within the scope of the housing finance loan is only possible when at least two successive installments have not been settled.