With the support packages regarding the housing sector, which President Recep Tayyip Erdoğan heralded after the cabinet meeting, it is aimed to increase the access of the citizens who will buy their first house with affordable loans, to support the Liraization Strategy, to increase the housing supply by completing the unfinished constructions, and to keep the housing prices of the companies receiving support constant.
The Ministry of Treasury and Finance, in consultation with the Ministry of Environment, Urbanization and Climate Change, created 3 solution packages: “My first home, Housing Finance Package”, “Extended Housing Finance Package”, “Construction Sector Special Credit Guarantee Package”. Nureddin Nebati, Minister of Treasury and Finance, shared the details on the subject on his Twitter account.
We offer 3 different solution packages to the service of our valuable nation in order to protect our citizens from the incidental fluctuations in the housing sector to the maximum extent, to make them home owners and to ensure the rapid completion of the projects under construction.
Good luck to our nation! pic.twitter.com/d8DPXcHmDF
— Dr.Nureddin NEBATİ🇹🇷 (@NureddinNebati) May 9, 2022
According to the compilation made by the AA correspondent, within the scope of the support announced by President Erdoğan after the cabinet meeting, within the framework of the “My First Home Housing Financing Package”, public banks will provide housing up to 2 million TL, to be applied in first-hand houses, for citizens who will buy their first and only house. Housing loans with a maturity of up to 10 years and an interest rate of 0.99 percent per month will be provided.
Thus, the access of the citizens who will buy their first house to the housing will be increased with the cost-effective loan facility.
Low-interest loan support to those who buy housing by selling foreign currency and gold
With the “Extended Housing Finance Package”, which is the second package and will encourage the conversion of foreign currency and gold assets into Turkish lira, at least 50 percent of the housing value, including first and second hand houses, will be paid by public banks for foreign currency deposit accounts opened before April 1, 2022. (DTH) or scrap gold to the Central Bank of the Republic of Turkey (TCMB) to be covered by the sale of housing up to 2 million lira, up to 10 years maturity, 0.89 percent monthly interest rate housing loan will be provided.
Thus, citizens’ access to housing with affordable loans will also be supported, as well as the Liraization Strategy currently being implemented.
Credit guarantee package for construction companies
With the Construction Sector-Specific Credit Guarantee Package, which SME and non-SME construction companies can benefit from, it is aimed that SME and non-SME construction companies that have a minimum of 40 percent completed and 50 percent unsold construction projects as of May 1, 2022, will complete their unfinished constructions. A resource of 20 billion TL was allocated for the said financing package.
In order to benefit from this support, these businesses will undertake to keep the housing sales prices constant for 1 year, share these prices with the public on the website and notify the lender.
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