27.08.2024 16:50
Public banks are planning to launch a campaign for low-interest housing loans. According to information obtained from industry sources, the interest rate that banks are working on will be 1.49, and the campaign will cover newly married couples who have never owned a home before.
The long-awaited low-interest housing loan campaign has reached its final stage. These loans, provided by public banks, will offer a new opportunity for those aiming to become homeowners.
INTEREST RATE OF 1.49 FOR FIRST-TIME HOME BUYERS
According to industry sources, Ziraat Bank, Vakıfbank, Halkbank, Ziraat Participation, Vakıf Participation, and Emlak Participation banks will offer this opportunity with an interest rate of 1.49% for first-time home buyers.
GREAT ADVANTAGE FOR THOSE WHO WANT TO BE HOMEOWNERS
According to the Central Bank data, the average housing loan interest rate in Turkey is currently at 3.6%. The 1.49% interest rate offered by public banks is almost half of the current rates. This interest rate will provide a significant advantage for those who want to become homeowners.
MONTHLY INSTALLMENT OF 17,900 LIRA FOR 1 MILLION TL
With the new housing campaign, a person using a 1 million TL housing loan can become a homeowner by paying a monthly installment of 17,900 TL. If they do not take advantage of the campaign, the monthly payment for the same loan will be around 36,500 TL.
TERMS AND CONDITIONS ARE SET
Not everyone will be able to benefit from low-interest and long-term housing loans. The primary target will be newly married couples who have never owned a home before. Additionally, those who previously owned a home but sold it 6 months ago can also benefit from the campaign.
INTEREST RATES SOARED IN 1 YEAR
Interest rates in Turkey started to rise from June 2023. The increase of interest rates from 8.5% to 50% had a significant impact on the construction sector. Housing loan interest rates, which were 1.40% in May 2023, increased to 3.6% in just 10 months. This situation led to a nearly complete halt in credit sales. The increase in interest rates also raised construction material and labor costs. According to the news on borsalideri.com, this situation reduced the profitability of construction projects and led to the postponement or cancellation of some projects. High interest rates also directed investors towards less risky and higher-yielding investment instruments such as deposits, gold, and foreign currency. All of these developments led to a decrease in housing sales and a serious stagnation in the sector. Construction companies accumulated a significant housing stock as they were unable to sell their projects.
THE CAMPAIGN WILL REVITALIZE THE SECTOR
The new housing campaign is being implemented to overcome this stagnation in the sector and support those who want to own a home. It is expected that the campaign will boost housing sales and revitalize the construction sector.