Strict Monitoring on Housing Loans

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Mortgage loans or known as housing loans are a way of purchasing houses with the support of banks or real estate agents. In Turkey Ministry of Finance started to monitor the real estate sales by housing loans. If there is non-compliance between the loan amount and specified value, they started to give fine to this people. In 2015 approximately 1,036 houses were examined and 129.3 million liras has been fined so far. Tax Audit Board had been working on this tax system and they completed their works on this area this year. They worked on determining the real value of the houses by looking at the data in banks and real value of the houses. There was an obvious mismatch between the rasl value and the amount of the loan. In these works 984 million liras base different was found and 129.3 million liras have been fined.

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According to information in the Tax Control Board’s 2015 annual report, in order to ensure the transactions over the fair value of the property, the necessary legal and administrative infrastructure decided to be created. In order to evaluate housing loans properly and more realistically the law in such countries Netherlands, Lithuania, Switzerland, Germany, Britain, France, Italy, Spain and the United States have been examined in terms of their purchase, sales, incomes and legislation on taxation.

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Residential Developers and Investors Association President Ömer Faruk Celik also announced their support for the implementation of Finance. He also said that there is an unfair competition between companies in the real estate market. He offered that Land registry fees should be reduced to 1 percent. According to him everyone should pay the tax on the real value of the house. In short, the studies on real estate market will start to show its benefit in the near future.

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