Quote:
Originally Posted by Rivermead Global Property
I also don't think it is very good practice telling clients they can cover their mortgages with rental income, they need to be able to cover the mortgage and any rental they receive is a bonus. Can you tell me aren't Turkish mortgages only available on completed properties, what about if they want to buy off plan?
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You're right, mortgages are available only for completed properties. The title and habitation certificate are required by the banks during mortgage application.
Buying off the plan is a different story.
You can either get into a cooperative which may -in some cases- take ages to complete, while you're making payments every month. Cooperatives are slowly disappearing as people prefer to get a mortgage and move in immediately, instead of taking risk. Cooperatives usually do not get completed on time. In some cases, they may delay several years if many of the cooperative members fail to make their monthly payments.
Or you can buy directly from the developer while making 2-3 payments during the construction, and final amount at the end. When the project is completed, you can get a mortgage for your final payment, which is usually larger than the intermediate payments.