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I checked Garanti Bank´s website and the numbers don´t look very good. A very modest and old apartment flat costs at least 80.000 YTL. If I take a 80.000 YTL mortgage for 20 years I need to pay 1256 YTL each month for 240 months. This makes 301.440 YTL.
Also notice that the monthly payment is higher than a teacher´s sallary. You can do your own calculations here:
1. open this page : http://www.garantimortgage.com/DigerHesaplamalar
2. choose currency from first box. If you are earning money abroad it is fine to choose Euro or USD. If you are earning money in Turkia don´t chose a foreign currency.
From time to time we have what they call devaluation. Devaluation means the currency is reset to a lower value. We had devaulations in 1987, 1994 and 2001. Lastly in 2001 foreign currencies nearly doubled in value against Turkish Lira in one day. Many people who owned money to banks in a foreign currency have comited suicide because their debt doubled according their income.
According to statistics it is likely that two or three devaluations will happen during a 20 year period. Maybe there won´t be any. You can never know. It is a huge risk for people who earn money in Turkish Lira but take loans in a foreign currency. Your debt might double three times.
3. on the third box choose duration in months. As you see the higest is 240 months (20 years).
4. Then click ´hesapla´ (calculate) and a new window will open. The column that says ´taksit´ shows your monthly payments which is the same for all the months.
Here is another example:
80.000 Euro for 20 years means 782.65 Euro each month for 240 months. In total you pay 187.836 Euro. Maybe somebody can compare this to their own country.
If you earn money abroad it makes sense to get a morgage in a foreign currency.
The problem with countryside houses is that many houses are not registered and don´t have building permission. The majority of villages (köy) in Turkia is like this. According to my calculation we have 4 million illegally build houses. Sometimes the person owns the land and builds there without a building permission. Many houses are like this. Especially in seaside towns there is no building permission very close to the sea or inside a forest area. But they still build and sell such houses or villas. Google "kaçak villa" and you will see many pictures.
There are also houses where the person doesn´t even own the land but still builds a house. These are called gecekondu. They provide electricty and water to gecekondu but usually there is no sewer system.
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