Housing loan interest rates have risen: How much is the repayment for 500 thousand and 1 million TL?

Across Turkey, housing sales were recorded at 153 thousand 14 in November 2023.

This figure points to a 63.6 percent increase compared to the same period of the previous year. These rapidly rising sales figures reveal that the activity in the sector continues.

According to data from the Banking Regulation and Supervision Agency (BDDK), the total volume of housing loans rose from 481.42 billion TL to 499.85 billion TL in the period between November 1 and December 6.

In this five-week period, which also includes November, the loan volume increased by exactly 18.43 billion TL.

CURRENT SITUATION IN HOUSING LOANS: INTEREST RATES AND REPAYMENT CALCULATIONS

According to a report by Türkiye Gazetesi, the housing loan interest rates offered by banks are also noteworthy. The lowest interest rate currently on the market is at the 2.89 percent level. Sample calculations made with this rate are as follows:

500 thousand TL housing loan: Monthly installment: 14 thousand 939 TL

Total repayment: 1 million 809 thousand 832 TL

1 million TL housing loan: Monthly installment: 29 thousand 878 TL

Total repayment: 3 million 605 thousand TL

2 million TL housing loan: Monthly installment: 59 thousand 757 TL

Total repayment: 7 million 195 thousand 470 TL

For consumers taking out a 1 million TL loan with a 60-month maturity, the monthly payment is calculated as 35 thousand 285 TL, and the total repayment as 2 million 136 thousand 762 TL.

While the increase in housing loans and the impact of interest rates determine sector dynamics, it requires consumers to make more detailed cost calculations.

Experts expect the increasing sales trend to continue in the coming period.