Mortgage interest rate shock! Rates at private banks exceed 3 percent

While the lowest interest rate at public banks was applied at 2.55 percent, this rate reached levels of 2.85 percent at private banks. However, with recent developments, loan interest rates have crossed a critical threshold and continue to rise.

CENTRAL BANK'S DECISION HAD AN IMPACT

Following the Central Bank's interest rate hike on March 20, housing loan interest rates began an upward trend. Before March 20, the lowest interest rate was 2.55 percent at public banks and 2.68 percent at private banks.

The 2.68 percent interest rate offered by private banks first rose to 2.85 percent, and then to the 3.10-3.20 percent band. Thus, housing loan interest rates at private banks have climbed above the 3 percent level.

A campaign launched by a public bank for newlyweds with a 2.55 percent interest rate has also been updated. The rate in this campaign has now risen to 2.75 percent. This figure stands out as the lowest housing loan interest rate on the market.

A person taking out a 120-month housing loan at a 3.10 percent interest rate from a private bank has a monthly installment payment of approximately 31,815 TL.

In addition to this, some private banks can offer more favorable rates through a system where installments start high and decrease over time. This system is called a decreasing installment loan.