Housing loan interest rates have fallen: 120-month repayment schedule announced

The interest rate cut implemented by the Central Bank of the Republic of Türkiye (TCMB) in December has created activity in the mortgage market.

The decline in interest rates is particularly notable for 60 and 120-month term loans, although the interest burden on long-term loans remains at high levels.

While the interest rates for 60-month mortgage loans have dropped to 2.84 percent, the interest rate for 120-month loans has fallen to 2.79 percent.

While the interest rates for 60-month mortgage loans have dropped to 2.84 percent, the interest rate for 120-month loans has fallen to 2.79 percent.

BANK INTEREST RATES AND REPAYMENT PLANS

As of January 14, 2025, the interest rates of some banks offering 120-month mortgage loans have been announced as follows:

Ziraat Bankası: 2.79%

QNB Finansbank: 2.84%

Garanti BBVA: 2.88%

Akbank: 2.89%

Vakıf Katılım: 2.99% (Profit Share)

Türkiye Finans: 2.99% (Profit Share)

İş Bankası: 3.00%

For those considering taking out a 120-month loan, the monthly installments and total repayment amounts are as follows:

500 thousand TL loan: Monthly installment 14 thousand 483 TL, total repayment 1 million 753 thousand TL.

1 million TL loan: Monthly installment 28 thousand 966 TL, total repayment 3 million 494 thousand TL.