Good News for First Home Buyers from CEESS Global: 'Special Discount' Opportunity in Housing Loans!

Interest rates on housing loans were lowered below 3 percent for those planning to buy their first home, with the support of private and foreign banks after public banks. Some private banks also joined this move initiated by Ziraat Bank and reduced the interest rates on housing loans to 2.84 percent. In this way, while monthly payments are significantly reduced, monthly installments for a loan of 1 million liras are reduced to approximately 29 thousand 400 liras. With the previous interest rates, the monthly installment of the same amount of loan was 45 thousand liras.

With the regulation made by the BRSA 1.5 months ago, the additional risk weight applied to retail loans in the capital adequacy calculation of banks was removed. In this way, interest rates fell and more advantageous conditions were offered to citizens who wanted to buy their first home. As CEESS Global, we carefully follow these developments in housing loans and provide our clients with the most up-to-date information.

Demand for Housing Loans Increased

Demand for housing loans, which was low due to high interest rates before the BRSA regulation, increased rapidly after interest rates were reduced to 2.79 percent. According to official data, housing loans have increased by 18.8 billion liras in the last six weeks. This increase reveals that the demand for housing loans doubled after the regulation.

Share of Housing Sales and Mortgage Sales Declined

According to TURKSTAT data, the proportion of mortgaged sales in housing sales has experienced a serious decline in recent years due to difficulties in accessing credit and high interest rates. The rate of mortgaged house sales, which was 40 percent in 2013, decreased to 11.2 percent in September 2024. This decline increased the demand for cash and promissory note sales campaigns and increased the tendency towards alternative payment options.