DECLINE IN HOME LOANS
The news regarding a decline in home loans (lower than 1%), announced by first President Recep Tayyip Erdoğan, and then Prime Minister Binali Yıldırım, will be a great opportunity for many people, stated the experts. Home loan rates, which used to be around 1.14% monthly, now declined to 0.90%; citizens on a 60 month payment will be paying 8 thousand 760 TL less for a 100 thousand deferred loan.
Prof. Dr. Hakan Yetkiner, Lecturer, IUE Department of Economics, pointed out that interest rates were in their lowest in all major economies, and sttaed that the same significant decline in home loans should be applied to all other loans including commercial loans.
Prof. Dr. Yetkiner said, “If the decline in loans is supported by increasing the number of monthly payments, Turkish economy would experience a demand-led growth. Low home loan for people who postponed their housing purchase is a great opportunity. They should benefit from this opportunity within their budget limits. Increase in home sales will be a reason to celebrate for Turkish economy due to strong backward and forward linkages of the construction industry.”
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