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

Following the Central Bank's interest rate cut, there has been a significant decline in housing loan interest rates. While the interest burden on long-term loans remains notable, the new rates and repayment plans offered by banks have been clarified.

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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.

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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.

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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.

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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.

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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:

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Ziraat Bankası: 2.79%

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QNB Finansbank: 2.84%

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Garanti BBVA: 2.88%

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Akbank: 2.89%

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Vakıf Katılım: 2.99% (Profit Share)

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Türkiye Finans: 2.99% (Profit Share)

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İş Bankası: 3.00%

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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.

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