Attention to those who will buy a house with a loan! Rates in banks have been reduced! Monthly installment dropped to 2840 TL

Milliyet.com.tr/ÖZEL Millions of citizens who dream of buying a house are following the interest rate changes in the market with curiosity. While the decrease in housing loans continues, albeit limited, as of the new year, the current levels still remain high.

While housing loan interest rates had previously dropped to 2.74 percent in one bank, other banks were collecting loans with interest rates above this rate. When looking at the latest rates, it was observed that some banks had also reduced housing loan interest rates to 2.75 percent.

ALL EYES ON THE CENTRAL BANK!

With the Central Bank starting to cut interest rates, there were interest rate cuts on almost all types of loans. The Central Bank's next meeting will be on March 6. The expectation in the market is that interest rate cuts will continue.

While housing loans were once available at around 3.05 percent in the market, currently loans can be used at a minimum of 2.74 percent. So how much do the monthly installments of a person who uses a 1 million TL housing loan at the lowest rate decrease? How much do payments decrease for a loan taken for a term of 120 months?

'THE DOWNWARD TREND IN INTEREST RATES CONTINUES'

Real Estate Expert Mustafa Hakan Özelmacıklı, who evaluated all the curiosities about the subject to milliyet.com.tr, made the following statements: “The downward trend in housing loan interest rates continues. We can say that the markets are expecting a 250 basis point reduction in the meeting to be held by the Central Bank in the coming days.

'CITIZENS ARE TENDENCIES TO BUY AFFORDABLE HOUSING'

When we look at the housing loan volume on the BRSA side, we see that the housing loan volume increased to 529 billion TL on February 14. This shows that citizens are currently inclined to buy affordable housing within the framework of expectations of a decrease in interest rates.

'THIS PERIOD IS SEEN AS A SECOND-HAND OPPORTUNITY'

We see that there are affordable second-hand real estates in many different cities in our country. Depreciation periods have become advantageous. We can say that there are real estates that can easily pay for themselves in 14-15 years according to their rent. This period is seen as an opportunity in the second-hand within the framework of housing needs that may develop in the coming period.

'HOUSE SALES INCREASED BY 39.7 PERCENT IN JANUARY'

The reflections of this can also be seen in housing sales statistics. There was a very high increase in housing sales in January compared to the previous year. 112,173 houses were sold in Turkey in January. This meant a 39.7 percent increase compared to the same period of the previous year.

HOW MUCH ARE THE AVERAGE HOUSING PRICES IN TURKEY?

In the January Housing Price Index of the Central Bank, we see that prices have decreased by 7.2 percent in real terms in the last year. The real difference is decreasing day by day and housing prices are trying to approach a certain value within the framework of inflation. We can say that housing prices per square meter are at an average of 31 thousand TL throughout Turkey. This figure is 42 thousand TL in Istanbul, 24 thousand TL in Ankara and 36 thousand TL in Izmir. We can say that current price increases are at 22 percent throughout the country.

'RENTS HAVE INCREASED OVER SALES'

The rate of increase per square meter in advertised rental housing prices was 45 percent. Rental prices increased more than the prices of flats for sale. Second-hand sales figures broke records. 71 percent of sales in January were second-hand.

'BANKS WILL BE COMPETITIVE IN HOME LOANS'

I think that banks will proceed with a slightly more competitive condition in housing loans in the upcoming period. Banks already minimize their risks on the real estate side when there is a price increase. I think that the outflows from deposit interest will increase after March and this will provide an advantage to the stock market and real estate markets. This situation may move real estate prices relatively upwards.

IS A LARGE DECREASE IN INTEREST RATES EXPECTED?

Frankly, we don't expect it. This will move in a limited way. We will be able to see housing loan interest rates below 2 percent in January-February of next year. Maybe it could approach 1 percent in the second quarter of 2026. It will not be the case that the current 2.74 percent interest rate will drop to 1.80 percent in 3-5 months.

MONTHLY INSTALLMENT DROPPED TO 2840 TL!

In the previous period, a person who used a 1 million TL housing loan with a maturity of 120 months at 3.05 percent was paying a monthly installment of 31,352.13 TL. The total repayment of a 1 million TL loan was 3,762,260.13 TL.

When evaluated at the current lowest interest rate of 2.74 percent, if a loan of 1 million TL and 120 months is requested, the monthly installments drop to 28,512.47 TL. The total repayment amount of the loan is 3,421,494.54 TL.

In other words, a person using a loan at 2.74 percent pays 2,840 TL less in monthly installments than a loan at 3.05 percent. When evaluated over a 120-month term, a total of 340,766 TL less is paid.”