Central Bank of Republic of Turkey (CBRT) did a reduction in the policy rate by applying a discount more than 325 points. the rates have declined to 16,5%.The Central Bank’s interest rate decision was in line with the expectations.
The interest rate cut was welcomed by the markets and experts.
During the period when the European Central Bank (ECB) and the American Central Bank (FED) made interest rate cuts, the easing in interest rates did not pose any risk. Following the cut, the dollar rate fell by 1.5% to 5.66, while the Euro fell to 6.22, driven by the ECB’s policy rate cut.
Following the CBRT’s rate cut in July, the average interest rate on property loans decreased by 28 points. After the interest rate cut, the first reaction came from public banks led by Ziraat Bank. While the interest rate of house loans decreased to less than 1% in public banks, houses loan rates gradually decreased to 1.2% in private banks.
The Central Bank’s policy rate cut for the second consecutive year has significantly reduced the credit costs of banks. Banks with reduced credit risk and costs continue to facilitate loan interest rates and loan disbursements. The reduction also reflected in a positive impact on houses loan interest rates.
The current house loan interest rates of the banks are as follows;
Ziraat Bank house Loan
Ziraat Bank offers an interest rate of 0.99% for a 15-year maturity.
HalkBank house Loan
HalkBank offers an interest rate of TL 500,000 under the mortgage for the house loan with a campaign interest of 0.99% for a maturity of up to 15 years and 1.39% for a 15-year maturity.
VakıfBank house Loan
VakıfBank offers a house loan with a campaign limit of TL 500,000 and an interest rate of 0.99% up to a term of 15 years, while providing loans with a 1.49% interest rate.
TEB house Loan
TEB reduced interest rates to 1.2% for all maturities up to 10 years. Bank mortgage interest rates are still at 2.58%.
İş Bank house Loan
In İş bank offers an interest rate of 1.29.. The bank’s house loan interest rates are at 1.75%.
Kuveyt Türk house Loan
The Kuveyt Türk Participation started to provide housing finance with a profit share rate of 1.27% in all maturities up to 10 years.
Yapı Kredi Bank house Loan
Following the interest rate cut, Yapı Kredi Bank offers an interest rate of 1.29% in all maturities up to 10 years.
İNG house Loan
After the interest rate cut, İNG provides a loan with an interest rate of 1.39% for the insured loan product with a maturity of 2 years and 1.29% between 3 and 10 years.
ICBC house Loan
ICBC Bank offers an interest rate of 1.37% for house loans and 2.4% for signage rates.
Akbank house Loan
Akbank started to extend loans with an interest rate of 1.39% until maturity.
Garanti house Loan
Garanti offers an interest rate of 1.45% up to 1 year maturity, 1.37% up to 2 years maturity and 1.36% between 3 and 10 years.
QNB Finansbank house Loan
Following the interest rate cut, QNB Finansbank extends loans with an interest rate of 1.36% up to 10 years.
Turkey Finance house Finance
the Turkey Finans Participation is 10% rate.
Şekerbank house Loan
Following the discount, Şekerbank started to implement 1.59% up to 2 years maturity, 1.74% up to 5 years maturity and 1.89% up to 10 years maturity.
Anadolubank house Loan
Anadolubank offers a housing loan interest rate of 1.85% up to 5 years and 1.94% up to 10 years.
HSBC house Loan
The HSBC Bank provides housing loans with an interest rate of 1.99% up to 10 years.
DenizBank house Loan
DenizBank offers a loan with an interest rate of 2.05%. The Bank offers a 2.75% interest rate under the mortgage.