Repayment of a 1 million housing loan is staggering! How much is the monthly installment for the lowest-rate loan?

The economic policies implemented by the AKP government have also multiplied the cost of housing loans. Due to high interest rates, it has become impossible for low- and middle-income citizens to purchase homes with loans.

The repayment amount for housing loans is, on average, five times the loan amount. For instance, the repayment of a 1 million lira housing loan taken out with a 120-month term and a 4.29 percent monthly interest rate exceeds an average of 5 million 193 thousand lira. The monthly installment amount reaches an average of 43 thousand 179 lira.

MONTHLY PAYMENT FOR THE LOWEST-RATE LOAN IS 31 THOUSAND 352 TL

The monthly installment for a 1 million lira housing loan, which can be obtained with the lowest market interest rate of 3.5 percent per month, has become 31,352 TL. The total repayment for this loan exceeds 3 million 781 thousand TL. This specific loan is referred to by the relevant bank as a "first home housing loan."

If this loan does not meet the conditions of the person buying the house, the monthly payment for another loan taken out with the next lowest interest rate reaches 32 thousand 187 lira. In this context, the total repayment for a loan taken out with a 120-month term and a 3.14 percent monthly interest rate exceeds 3 million 822 thousand lira.

According to the report by Sözcü, the monthly installment amount to be paid for an average 1 million lira housing loan with a 12-month term at banks goes up to 69 thousand 921 lira. The total repayment for this housing loan, which has a monthly interest rate reaching 6.99 percent, exceeds 8 million 401 thousand lira.

The total interest amount for this loan reaches 7 million 390 thousand 527 lira. Thus, the monthly installment amount for this housing loan exceeds 4 times the minimum wage of 17 thousand 2 lira.

News Source: 12punto