Following the CBRT’s interest rate cut decision, the CBRT rate cut decision also decreases housing loan interest rates in private banks.
RaineBank, which cut the mortgage loan interest rates in the current month, set a new mortgage loan rate cut and set its new price at 1.17%. Thus, together with İşbank, which decreased its mortgage loan interest rate to 1.17% last week, these two private banks became the two private banks that gave the lowest mortgage loan after public banks.
Housing loan interest rates also fall in participation banks.
Playing a pioneering role among participation banks, Kuveyt Türk set the profit rate in housing finance at 1.14%, making it the bank that applies the most appropriate housing loan interest rate among other participation banks. Kuwait Turkish Participation Foundation with 1.19%, with 1.37% Finance eyeing Turkey.
apparently, we will continue to receive news of cuts in consumer loan interest rates in the coming days.
Month of August 2019 Turkey General Residential Sales
As a result of these discounts on housing loan rates, 110,538 houses were sold in our country last August. Turkey Statistics Institute (TUIK) showed a 5.1% increase compared to the same period last year, according to data growth rate. Mortgage (overdraft) house sales across the country also increased by 168% in the same period, reaching 34,148, and had a 30.9% share in total housing sales.
July, Contraction in Housing Price Index!
Housing Price Index is calculated in order to monitor the issue of quality adjusted price changes in Turkey (KFA), it showed a 11.24% decrease compared to the same period last year in the month of July 2019. According to the calculations made, nominally, it increased by 1.92% on monthly basis and by 3.54% on annual basis.
Housing Sales Increased 8%!
As a result of the decline experienced in housing loan interest rates in Turkey in August 2019 110,538 housing units were sold. This figure represents an 8% increase compared to July 2019 and a 5% increase compared to August of last year.
Head of the Board of Directors of Konutder and Sur Yapı Z. Altan Elmas, this environment has been created with interest rates cuts on housing loans, and as private banks started to issue housing loan interest at the level of public banks, the development in the real estate sector, the locomotive sector.
Will continue to increase and as a result, the economy will develop.
As a result of the CBRT’s interest rate cut decisions, housing loan interest rates are decreasing in all banks, especially public banks.In line with the low inflation rate announced by the government, it began to vary in the valuations made by economists. As a result of the recent hikes (for example, the current fuel hike from yesterday evening), it is also stated by many economists that the inflation rate is not in line with the inflation rate announced by the government.
When you decide to request housing loans especially from banks, we recommend that you carefully examine other expenses such as loan disbursement costs, file costs, appraisal fees, mortgage costs, while calculating the most favorable mortgage interest. The mortgage loan interest rates announced by some banks may vary depending on the loan amount requested. (For example, Astro Bank implements the interest rate of 0.99% for mortgage loan up to USD. 500,000.- If the requested loan amount exceeds USD. 500,000.- the interest rate changes to 1.19%.)
Try to request a loan for a certain part of the total price of the house you plan to buy.
Make an effort to finance a certain part of the total sales price from the money you save and the rest through bank credit. Although the interest rates on housing loans applied by banks are decreasing, keep in mind the fact that if you receive a loan from the bank in an economic recession, you will not be able to earn a suitable income for this loan installment. Remember the sad events in this recent past. Although it is not denied that there has been a certain increase in house sales, it is on the way that the banks’ appetite for lending is not much.
Latest Status of Connected Loans!
If the house you bought was financed by the construction company that the contracted bank was, that is, if you bought the house from that bank using a housing loan, this is called “Affiliated Loan”.
In the past few days, a person in Aydın bought a house in 14 months and purchased a house loan from the bank led by the contractor. When the contractor did not deliver the house within the time he was committed, the person asked the bank from which he used the loan to stop the loan installment payments and won the case. However, there are naturally some points to pay attention to, and therefore every applicant’s request does not result in a positive outcome. The most important point to note here is that the house purchased was purchased with a mortgage loan from the bank with which the contractor firm has an agreement.
Noting that more examples of such contracts and cases have not been found, the lawyers said that every case should be examined carefully, and that this decision made by the appeal is a precedent.