Attention first-time homebuyers: Limits coming to overdraft accounts, interest and limit moves for housing loans

The recent weakening in purchasing power has brought about a rapid increase in overdraft accounts (KMH). It has been learned that new criteria are being considered to bring this rise under control, with plans to specifically link limits to income.

According to information reported by Hazal Ateş from CNBC-e, the proposed regulation will not cover existing accounts. For individuals opening an overdraft account for the first time, the basis will be to determine a limit according to their income level.

NEW LIMITS ON OVERDRAFT ACCOUNTS

One of the prominent options is that the overdraft limit should not exceed three times a person's monthly income. In this context, the aim is to place a cap on the high-limit policies that banks have implemented until now. It is intended to prevent the assignment of overdraft limits far exceeding their income to minimum-wage employees in the recent period.

At the Financial Stability Committee meeting held under the chairmanship of Minister of Treasury and Finance Mehmet Şimşek, steps that could be taken regarding housing loans, overdraft accounts, and credit cards were discussed. It was decided to prepare a new framework for overdraft accounts, the balance of which exceeds 740 billion liras. It is anticipated that the work carried out by the Banking Regulation and Supervision Agency (BDDK) will be implemented shortly, and that sanctions will be applied to banks that do not comply with the determined limits.

LOAN INCENTIVES FOR FIRST-TIME HOMEBUYERS

On the other hand, a new era covering low-income citizens is also being planned for housing loans. Lower interest rates and long-term payment options are being considered for those buying a home for the first time. In the campaign expected to be launched under the leadership of public banks, an interest rate of around 1.20 percent and an upward revision of the current 2 million lira loan limit are on the agenda.

In the long term, it is aimed to expand housing access and balance the rise in rental prices by offering payment opportunities with affordable installments. It is planned that applications will be received primarily through public banks and that those who meet the loan conditions will benefit from this opportunity.

News Source: 12punto