The race for discounts on housing loans has begun: Many banks are lowering interest rates!

TÜRKİYE GAZETESİ/Ö. Faruk Bingöl- Following the Central Bank's 250 basis point cut in interest rates at its Monetary Policy Committee meeting on September 11th, there have been noticeable declines in loan rates. Banks have begun to race to offer discounts on mortgages, which are particularly closely watched by consumers dreaming of buying a home.

For weeks, the cheapest mortgage rate was 2.69% at just one public bank. This week, two more banks lowered their rates to 2.69%. Meanwhile, rates at many other banks dropped below 3.0%.

As of September 17, the cheapest mortgage rates offered by banks are listed as follows:

Ziraat Bank: 2.69%

-Akbank: 2.69%

-Kuveyt Turk: 2.69% (Profit share rate)

-Halkbank: 2.70%

-İş Bank: 2.79%

-Foundation Participation: 2.79%

-QNB: 2.85%

-TEB: 2.85%

-Yapı Kredi: 2.99%

-Garanti BBVA: 2.99%

Considering the lowest rate, the current repayment table for a 1 million TL housing loan is as follows:

-Loan Amount: 1 million TL

-Credit Rate: 2.69%

-Loan Term: 120 months

-Monthly installment: 28,060 TL

-Total refund: 3 million 398 thousand 44 TL

Meanwhile, according to data released by the BRSA, the total housing loan volume has increased continuously in the last 13 weeks, rising from 579 billion lira to 612 billion lira.

Industry representatives emphasize the growing expectation that interest rate cuts will continue in the coming period, saying, "This expectation supports the prediction that housing prices may rise. And despite high interest rates, the increase in loan volume continues. We're also observing this in the increase in credit sales."