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Turkish Banks help reduce Interest rates on mortgages

19th December 2018

Turkish Banks help reduce Interest rates on mortgages

Turkish Ziraat Bank has announced its reduced set interest rate of 0.98 for mortgage loans.  Working with Investors Association (KONUTDER) other banks have expressed support also.  Vakifbank and Halkbank are on board, helping boost property sales in Turkey.

 The new mortgage loans up to $93,000 (500,000 TL) with a 120 month maturity.  The mortgages are available from real estate developers working with the three state banks.

A big problem for property investors was the high interest rates offered on mortgages.  With interest rates that could rise upto 3% and a norm of  2%.  The new campaign will support off-plan property development, encouraging movement in the real estate sector.

This incentive will improve cash flow to Turkish real estate developers, and aid investors.

There will also be reductions on value-added taxes (VAT) and Tapu (title deeds) until the end of the year.

Berat Albayrak the Treasurey and Finance Minister announced tax reductions on certain sectors to help revive the economy.  VAT on real estate has also decreased from 18% to 8% over the last year.  Tapu (title deed) fees have been reduced from 3% to 4%.

1.14 Million property units were sold in Turkey last year, reaching an all time record.

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