Housing Loan Interests Increased So Much

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The rate of housing loans which were dicreased from 14.5 percent to 10.9 percent, increased up to 11.3 in the last two weeks. On the other hand, since February 1, when the flow of low usury and droughts have been raised to 240 months, housing loans have increased by 8.7 billion increasement and went up to 176.6 billion.

Housing loan interest rates, which have been on a downward trend for the last year to heat the economy, have tended to rise slightly. In order to prevent geopolitical risks, uncertainties and exchange rate increases, the banks have started to reflect on interest loans, which the Central Bank ended in November 2016 and started to increase from this date, to consumer loans in recent weeks. Accordingly, the annual housing loan interest rates of up to 14.5 percent in February 2016 were down to 11.4 percent in February 2017. It also was seen that the loans that dicreased to 10.9 percent, went up to 11.02 percent in 7th of April and from the week starting from 21st of April, increased to 11.31 percent yearly.

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On the other hand, although interest rates have moved slightly in recent weeks, they are still below 1 percent per month, and the effect of lengthening the maturities to 240 months as of February 1st, 2017 reflected to the housing loans drawn from the banks. In the 12-week period from 1st February until today, these loans reached 176.6 billion liras with 8.7 billion increasement.

THE Citizens’ Preference is Longer Than 5 Years

Looking at the data of the Central Bank, it is seen that citizen's debt preference in housing loans is longer than five years. According to this, 134.8 billion of the housing loans of 163.1 billion extended by the deposit banks have been withdrawn for more than 5 years.

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