Housing loan interest rates are falling

The Central Bank's latest interest rate cut has not led to the expected widespread easing in the credit market. While interest rates on housing loans, in particular, have fallen to as low as 2.49%, this decline has remained limited for vehicle and personal loans.

According to data from the Banking Regulation and Supervision Agency (BDDK), the total volume of consumer loans reached 2 trillion 835.34 billion liras as of December 19. However, the weekly increase remained at 5.4 billion liras, the lowest level in the last six weeks.

INTEREST RATES ON HOUSING LOANS HAVE FALLEN

Housing loans have been the type of credit that has seen the most significant decline in interest rates in recent weeks. The lowest housing loan interest rate, which was 2.69% before the interest rate cut in December, has dropped to the 2.49% level. Banks such as Ziraat Bankası, QNB, and Akbank were among the institutions offering these rates.

For a 1 million TL housing loan with a 10-year repayment plan, the monthly installment is 26,273 TL, while the total repayment amount is calculated at 3,152,760 TL.

THE SITUATION WITH VEHICLE AND PERSONAL LOANS

Interest rates on vehicle loans continue to remain above 3%. Banks such as Kuveyt Türk and Vakıf Katılım are among those offering the lowest rates. For a 300,000 TL vehicle loan with a 24-month repayment plan, the monthly installment is set at 19,501 TL, and the total repayment is 469,753 TL.

As for personal loans, interest rates start at 2.79%. Alternatif Bank and QNB are among the banks offering these rates. For a 125,000 TL personal loan with a 12-month repayment plan, the monthly installment is 13,032 TL, and the total repayment is calculated at 157,013 TL.

Experts state that for an increase in credit demand to be achieved, banks need to reflect interest rate cuts more significantly. For now, housing loans stand out as the most advantageous credit option.