Housing loan interest rates begin to fall: How much is the repayment for 1 million TL?
A limited decline in housing loan interest rates has begun. As banks have lowered their lowest interest rates to 2.79 percent, the repayment amount for a 1 million TL loan with a 120-month maturity has also been announced. Here are the new interest rates and loan payment calculations.
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The current situation regarding housing loan interest rates has become clear for those planning to become homeowners. The lowest housing loan interest rate, which was 2.89 percent in the second half of last year, has been reduced to 2.79 percent at one bank.
REPAYMENT FOR 1 MILLION TL
Calculations based on the 2.79 percent rate show that the loan burden remains quite high.
For a 1 million TL loan with a 120-month term, monthly installments amount to 28 thousand 966 TL, while the total repayment reaches 3 million 493 thousand 488 TL. This calculation reveals that the interest burden over a 10-year term corresponds to a significant rate of 249 percent.
For a 1 million TL loan with a 120-month term, monthly installments amount to 28 thousand 966 TL, while the total repayment reaches 3 million 493 thousand 488 TL. This calculation reveals that the interest burden over a 10-year term corresponds to a significant rate of 249 percent.
INCREASE IN MORTGAGED HOUSING SALES
According to data from the Turkish Statistical Institute (TÜİK), although mortgaged housing sales have been in decline throughout the year, they have shown signs of recovery in recent months.
While mortgaged sales in the January-November period of 2023 fell by 21.30 percent compared to the previous year to 135 thousand 209, a remarkable increase was observed in November.
Mortgaged sales reached 21 thousand 804 in November with a 315 percent increase, and their share in total sales became 14.20 percent.
With increasing competition among banks and changes in general interest rate policies, rates are expected to drop to more attractive levels.
