Pros and Cons of Getting Home Loan in a Down Economy in Turkey

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<h1>Pros and Cons of Getting Home Loan in a Down Economy in Turkey</h1><strong> Author: <a href='http://www.articleseen.com/profile_Caglar Kilinc.aspx'>Caglar Kilinc</a></strong><br /><p>Turkey is one of the best tourist spots in the world. This makes it a feasible area to own a new home. Everybody looks at home loans as opportunities in this beautiful country. However, in order to make sure you will have your new home at a more affordable price, you also have to analyze the economy of the nation. There is a direct relationship between Turkey’s home prices and that of the nation’s economy. Simply put, when the economy is down, it is the best time to get an affordable home in the nation. Therefore, the down economy in Turkey is your license to have a home loan from any of the top banks in the country. Besides this advantage of getting a loan in Turkey’s down economy, there are other pros linked to the endeavour. Advantages of getting home loan in Turkey’s down economy Banks in Turkey would lend you around €40,000 to €280,000 for a home loan mortgage. With this amount, you will surely find a home that is suitable for you and your family – whether you want to stay in the country for good or you want to rent the property out when you are not around. Add to that the fact that you also have to put your own share of savings into the investment. Home loans are usually paid within a 6-month to a 240-month period. Despite Turkey’s down economy, a lot of people are taking chances to invest in the mortgage market. As mentioned awhile back, the lower the economic status of the country, the cheaper the houses are. Below are other advantages of acquiring a home loan during Turkey’s down economy. - Guaranteed decrease in interest rates. Alongside getting a home loan mortgage is the loan interest that goes with it. Since you are allowed to repay the loan up to 20 years from date of issue, you will surely be burdened with the interest payment. With a down economy, the interest attached to the home loan is at the lowest. - Turkish home loan mortgage market is open to everybody. It opened up the mortgage market not only to citizens of the country but to foreign investors as well. As long as you comply with all the requirements set for the acquisition of a Turkish property, you are sure to get your dream home situated in any of the best spots in the nation. This is an opportunity seen even in a down economy in Turkey. In fact, the government seems to push more efforts to market existing properties to others just to gain from the transaction. It doesn’t matter whether property owners profit a minimal amount from the endeavour as long as there is an income gained. Disadvantages of getting a home loan in Turkey’s down economy The benefits of acquiring a home loan mortgage in Turkey during its down economy are said to be very visible. However, there is still one drawback to this. Since Turkey’s economy is unstable, it may be that it will remain down in the next few years. Meaning, even if the economy is down now, there is no guarantee you will get the real savings you want. If the economy remains down next year, then chances are properties will be sold at a lower price than when you acquire them now. Because of Turkey’s economic stability, there is still a probability that it will increase in the next years to come. When this happens, house prices will surely rise in the home loan arena. Take this as your opportunity to gear your investment. With gearing, the value of the property you own will appreciate and you will surely reap the profit from the process. Your €50,000 home loan mortgage amount may be converted to a profit of €5,000 once your property appreciates by 10% next year.</p><strong>About the Author:</strong><br />This Article is written by Caglar Kilinc, the author of <a rel="nofollow" href="http://konutkredileri.com">Konut Kredileri Tuketici Bilinclendirme Portali</a>. More information on the subject is at <a rel="nofollow" href="http://konutkredileri.com/english/pros-and-cons-of-getting-home-loan-in-a-down-economy-in-turkey/">Pros and Cons of Getting Home Loan in a Down Economy in Turkey</a> and resources from other Konut Kredileri and Konut Kredisi Faiz Oranlari sources are used such as Konut Kredileri Faiz Oranlari<p> Article Source: <a href='http://www.articleseen.com/Article_Pros-and-Cons-of-Getting-Home-Loan-in-a-Down-Economy-in-Turkey_7703.aspx'> http://www.articleseen.com/Article_Pros and Cons of Getting Home Loan in a Down Economy in Turkey_7703.aspx</a></p>

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Keywords : Konut Kredileri Tuketici Bilinclendirme Portali, Pros and Cons of Getting Home Loan in a Down Economy in Turkey, Konut Kredil,

Category : Finance : Real Estate