Interest rate cuts on housing loans! What is the monthly payment for a 1 million TL loan?

Recently, the housing loan interest rate cut initiated by public banks has spread to private banks, bringing rates below 3 percent.

Real Estate Expert Mustafa Hakan Özelmacıklı stated that interest rates at some banks have dropped to as low as 2.84 percent, creating an attractive opportunity for those looking to purchase a home.

HOW MUCH ARE THE MONTHLY INSTALLMENTS FOR A 1 MILLION TL HOUSING LOAN?

With housing loan interest rates falling below 3 percent, a significant advantage has emerged in monthly installments for citizens wishing to take out a 1 million TL loan.

However, Özelmacıklı stated that if interest rates decline further, demand could increase, noting that the most significant drop will occur from the second half of 2025 onwards.

Özelmacıklı predicts that housing loan interest rates could fall below the 2 percent level towards the end of 2025.

He stated that if interest rates drop to around 1.9 percent, a more reasonable rate could be achieved for consumers.

Experts estimate that there will be more activity in the housing market as interest rates fall.

RECORD INCREASE IN HOME PURCHASES

In October, there was a remarkable increase in housing sales.

The increase in housing loan deposits and housing loan volume shows the activity in the sector. According to BRSA data, the volume of housing loans has exceeded 481 billion TL.

Housing loan interest rates vary depending on whether the buyer is purchasing their first home or their second or third home.

This difference can affect not only the interest rates but also the amount of credit that can be obtained.