Istanbul Builders Association (INDER) Chairman of the Board Nazmi Durbakalım said in a statement after the public banks reduced the housing loan interest rates, “We expect the interest rate cut to lead to a new wave of purchases, especially in second-hand houses. The advantage of both the profit sales in foreign currency and the low interest rate discount.” It will increase sales for investment purposes,” he said.
INDER President Nazmi Durbakalım made a written statement on the reduction in loan interest rates of public banks.
Stating that it is not surprising that the first positive reaction to the interest rate cut by the Central Bank came from the public banks, Durbakalım said, “The same reaction was first received from public banks in the past years. “We expect that the interest rate cut will lead to a new buying wave, especially in second-hand houses. Both the profit sales in foreign currency and the advantage of the low interest rate cut will increase the sales for investment purposes,” he said.
SPECIAL CAMPAIGN REQUEST
The explanation continued as follows:
“We underline once again that a special campaign is necessary for the public banks’ interest reductions to be reflected in the first-hand houses to the extent we expect and desire. As in the previous year, the interest campaign, led by public banks and Emlak Konut, and covering only first-hand houses, started the real estate sector, which is the dynamo of the economy. We do not expect the aforementioned campaign interest, which we desire, to be at the level of 0.64 percent, as it was last year. However, it will be more efficient in terms of continuity if it is below 0.99 percent on a monthly basis and the campaign period is at least one year. With the interest rate falling below 0.1 percent, many construction companies will also support this initiative positively.
If we go back to the beginning again; We think that housing loan interests should not be limited to public banks only. This is a national issue. For this, private banks should also take the responsibility.”
JOINT DISCLOSURE MADE
Today, in the joint statement made by Ziraat Bank, VakıfBank and Halkbank, it was stated that interest rates of 1.29% for amounts below 1 million TL and 1.34 percent for amounts above 1 million TL will begin to be applied, effective as of October 26.
