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Major drop in housing loan interest rates: Banks launch campaigns

The decline in housing loan interest rates is creating opportunities for those looking to become homeowners. Banks have lowered interest rates through new campaigns, while restrictions have been introduced for second-home purchases.

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Major drop in housing loan interest rates: Banks launch campaigns

A favorable environment is beginning to emerge for those who want to become homeowners. Due to high interest rates, home prices have fallen to their lowest levels in recent years. Housing loans have also entered a downward path following recent regulations.
Major drop in housing loan interest rates: Banks launch campaigns

Following the decision by the Banking Regulation and Supervision Agency (BDDK) to remove the additional risk weight applied to individual loans and housing loans in capital adequacy calculations for banks, interest rates have begun to decline.
Major drop in housing loan interest rates: Banks launch campaigns

BANKS HAVE STARTED LAUNCHING CAMPAIGNS

Banks have begun to launch housing loan campaigns. Some banks, led by public lenders, are lowering their housing loan interest rates.
Major drop in housing loan interest rates: Banks launch campaigns

With housing loan rates falling to as low as 2.79 percent, a 1 million lira loan taken out over a 120-month term results in a monthly payment of 29 thousand lira.
Major drop in housing loan interest rates: Banks launch campaigns

At the end of 120 months, the total repayment for a 1 million lira loan reaches 3 million 480 thousand lira.
Major drop in housing loan interest rates: Banks launch campaigns

Under the same conditions, if a loan were taken out at an interest rate of around 5 percent, the monthly payment would be 52 thousand lira, and the total repayment over 120 months would be 6.3 million lira.
Major drop in housing loan interest rates: Banks launch campaigns

INTEREST RATES VARY
Major drop in housing loan interest rates: Banks launch campaigns

Loan interest rates vary from bank to bank. Housing loan packages are available ranging from 2.79 percent up to around 7 percent.
Major drop in housing loan interest rates: Banks launch campaigns

ONLY 22.5 PERCENT LOAN GRANTED FOR SECOND HOMES

According to the regulation introduced by the BDDK, individuals purchasing a second home can only use a loan amounting to 22.5 percent of the property's value.
Major drop in housing loan interest rates: Banks launch campaigns

To give an example, for a 5 million lira home, only 1 million 125 thousand lira can be borrowed, and the remaining 3 million 875 thousand lira must be paid in cash.