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Taksit (installment) – what it means in Turkish real estate
Taksit is a Turkish term meaning installment or instalment in English. In the context of Turkish real estate, it refers to a payment method where the total cost of a property (or related expenses) is divided into smaller, scheduled payments over a set period.
This system is widely used in Turkey for property purchases, construction contracts, or even utility payments. The terms—such as the number of taksit, interest rates (if applicable), and due dates—are agreed upon in the contract. Payments can be monthly, quarterly, or in other intervals, depending on the agreement.
For example, if a property costs 1,000,000 TRY and is sold in 10 taksit, the buyer pays 100,000 TRY per installment. The exact structure varies by seller, developer, or bank (if financing is involved).
Note: While taksit often implies interest-free payments in cash transactions, bank-financed installments (e.g., mortgages) may include interest. Always check the contract for specifics.
| Turkish Synonyms | English Equivalents |
|---|---|
| Taksit ödemesi | Installment payment |
| Peşinatsız (taksitli) | Without lump sum (installment-based) |
| Vade farkı (if interest applies) | Instalment interest (maturity difference) |
| Kredi taksiti | Loan installment |
| Aylık taksit | Monthly installment |
It means installment payment plan.
'Taksit' refers to an installment payment system in Turkey. Buyers can pay for property in fixed monthly, quarterly, or yearly payments instead of a lump sum. This is common for off-plan properties or high-value real estate.
Developers or banks may offer 'taksit' options with or without interest. Terms vary by agreement, typically ranging from 12 to 60 months.
Payments are split over a set period.
A 'taksit' plan divides the property price into equal payments. The buyer and seller (or developer) agree on the duration, frequency, and any interest. For example, a €200,000 property might be split into 24 monthly payments of €8,333.
Some plans require a down payment (e.g., 30%). Banks may also offer 'taksit' via mortgages, but terms differ from developer-led plans.
No, they are different systems.
'Taksit' is an agreement between buyer and seller/developer, often interest-free or low-interest. A mortgage is a bank loan secured by the property, with higher interest rates and stricter eligibility (e.g., income proof, credit checks).
Mortgages in Turkey usually require a 20-30% down payment. 'Taksit' may not involve banks at all, especially for off-plan projects.
Yes, but terms vary by seller.
Foreigners can access 'taksit' plans, but availability depends on the developer or seller’s policies. Some may require a Turkish bank account or residency permit. Off-plan projects often target foreign buyers with 'taksit' options.
Always check if the plan is registered with the Tapu (Land Registry) to ensure legal protection. Unregistered agreements risk disputes.
Legal and financial risks may apply.
Risks include incomplete projects (if buying off-plan), hidden interest, or unregistered contracts. Some sellers may not transfer the Tapu (title deed) until full payment, leaving buyers vulnerable.
Currency fluctuations (e.g., EUR/TRY) can also affect payment amounts if the contract is in Turkish Lira. Always review contracts with a lawyer.
Penalties or contract termination may occur.
Missing a 'taksit' payment can trigger late fees. Repeated defaults may lead to contract termination, forfeiture of paid installments, or legal action. Some contracts include a grace period (e.g., 15 days).
If the property is under construction, the developer might halt progress until payments resume.
Only with the seller’s approval.
Selling a property under a 'taksit' plan requires the original seller’s consent. Some contracts include a ‘transfer clause’ allowing the buyer to assign the agreement to a new purchaser. If the Tapu isn’t transferred yet, the seller retains legal ownership.
Banks may restrict resale if the 'taksit' is tied to a mortgage. Always review the contract for resale terms.
Some do, some don’t—check the contract.
Developer-offered 'taksit' plans may be interest-free but include hidden fees (e.g., administrative costs). Bank-structured 'taksit' (like mortgages) always have interest, typically 1-3% monthly in 2024.
Off-plan projects sometimes offer 0% interest to attract buyers, but prices may be inflated to offset this. Always compare total costs.
'Peşinat' is the down payment.
'Peşinat' refers to the upfront down payment (e.g., 20-50% of the property price), while 'taksit' covers the remaining balance in installments. For example, a €100,000 property might require €30,000 'peşinat' and €70,000 paid via 'taksit'.
Some sellers use 'peşinat' to secure the deal before starting 'taksit' payments. Both terms are often mentioned together in contracts.
