Mortgage, in Turkish meaning; Tutsat[1] is an economic term that means the purchase of a holding, mortgaged sale, pledged sale or mortgage with borrowed money by showing itself as security.

Held sales are generally used for purchases of real estate (mostly buildings). In such sales, monetary institutions retain the authority to confiscate real estate until the loan amount (loan) is repaid.[2] This holding is a guarantee for the money loaned by monetary institutions. This method allows natural or legal persons to buy the property, even if it is not worth the amount of money at the beginning, to pay it piecemeal within a period of usually 15-30 years (in Turkey, this period is a maximum of 10 years) and eventually own it completely. Once the payment is complete, the tutu status disappears.

In repayment of the amount borrowed with the tutu method, different monetary structures are usually used depending on the tax laws in that country and the risks that the borrower may take. For example, in countries where debt interest is tax deductible (such as the United States), the debtor may deduct the interest portion of repayments from his income.

In many countries, especially in developed economies, it is very common for home and workplace purchases to be made by tutu method.

The amount borrowed depends on the borrower’s repayment capacity (usually calculated after subtracting expenses from monthly income) and the “Immediate Redeemable Value” (HPV) of the real estate to be purchased. The HPPV is usually between 75% and 90% of the value of the property and corresponds to the amount at which the property can be immediately sold by the monetary institution if the debt is not paid. In case of delay in payments, monetary institutions may request the sale of the held property in order to collect the entire remaining debt, and in case the sale cannot meet the debt, they reserve the right to pursue execution proceedings against the debtor.

In repayment of the amount borrowed with the tutu method, different monetary structures are usually used depending on the tax laws in that country and the risks that the borrower may take. For example, in countries where debt interest is tax deductible (such as the United States), the debtor may deduct the interest portion of repayments from his income.

In many countries, especially in developed economies, it is very common for home and workplace purchases to be made by tutu method.

Housing Loan Terms of Use in Turkey

When using a housing loan for the house you will buy, you can use a loan amounting to 90% of the appraisal value of the house at most. You are requested to offer a 10% down payment.

The house you will buy is pledged by the bank. The mortgage amount is generally applied as 2 times the loan amount you have withdrawn.

Banks may also request a non-mortgage guarantor according to the credit score and income of the customer.

Every citizen over the age of 18 can apply for housing loans as long as they meet the necessary conditions.

The highest maturity number in housing loans was determined as 120 months.

Since the repayment period in housing loans is long, banks generally impose a life insurance obligation.

Documents required for housing loan:

Application form

Birth certificate

income certificate

Deed copy

appraisal report

Condominium servitude for unfinished buildings

Copy of trade registry gazette for company owners

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