Tips for moving your house in Istanbul – Part 1 – The Bank
1- Don’t move if you have the chance.
2- I mean it. It is a tough and dirty road moving to a new place. If you buy the place it is even worse. Let’s start with the bank issues.
3- Your dream house is on sale and you decide to buy it. You apply for the mortgage and you wait for a week to get the confirmation for a 10 year debt.
4- The papers you need to sign are amazing. I signed around 40 pages of paper that is written in favour of the bank. The bank can chop my head off if they want. I mean it.
5- You may think that the interest rate is constant however it is changing in some extreme conditions. It writes some where in the 40 pages you sign. Try to bargain for the expenses you will paying for the credit you are borrowing.
6- The bank will ask you for a life and house insurance. They will rob you once again when they are selling you both. The disaster insurance is needed and it is also cheap. But the health insurance is pretty expensive.
7- The bank makes you feel that it is doing you a favour. But you will pay them for 10 years and when you miss a month they have the right to take your house.
8- After signing 40 pages, the bank has the right to say this; “Sorry we get your signature on wrong papers. Please come again tomorrow for the new set of signatures.” If i do something wrong they make me pay it, when they do wrong it’s only one “sorry”. Sorry seemst to be the easiest word for banks.
9- İş Bankası in Beyoğlu, the one near Odakule is located in an old building and you need to chech its elevators if you have the chance. I have not seen such an elevator for almost 10 years. It is renewed some time in 80s and has a retro look.
10- The woman that dealt with our account was a funny one, i tasked her whether she loved her job or not, she told her hate with a big smile on her face.
11- Going back to tips, İş Bankası is one of the merciful banks in the market. Do not fall for Garanti’s big ad campaigns. They are simply terrible.
So i spent around 1600 TL for the costs of mortgage, 450 a year for life insurance, 80 for disaster insurance. The money borrowed is 85000 TL and i will be paying 1260 per month for 10 years. I was already paying 1000 to rent so a fair deal for me.
In the next part; What is the deal with the house owner and real estate agent?