Buying Property in Turkey with 20 years Payment Plan
As of February 1st 2017, Turkish Government has announced one of the biggest campaigns of all times in Turkey real estate market. Starting with Emlak Konut GYO projects (supported by the government), Turkish citizens will be able to loan credit for 20 years for their purchases. The campaign will be valid until 31st of March 2017.
The campaign offers the following conditions for potential buyers:
5% Down Payment to be paid upfront
95% Installment Payment to be paid
- in 60 Months with no interest
- in 120 Months with 0,45% monthly interest rate
- in 240 Months with 0,79% monthly interest rate
Example: For a property which is 1.000.000 TL:
– If the payment plan in 60 months without interest in chosen;
50.000 TL Down Payment + 15.833 TL x 60 Months = 1.000.000 TL
-If the payment plan in 240 Months with 0.79% monthly interest rate is chosen;
50.000 TL Down Payment + 8.843 TL x 240 Months = 2.172.282 TL
will be the last prices.
So as seen, when 240 months payment plan is chosen, the sales price is increased 127% more compared to the initial sales price.
Can Foreigners Buy Property with 120 Months or 240 Months Installment Payment?
No. Unfortunately for now, the campaign is valid only for Turkish citizens. However, foreigners can buy properties in many projects in Turkey with 36, 48, 60 Months Installment Payment Plan options with no interest.
Is the Campaign Offered only for Government Supported Projects?
No. Some private companies also started to announce they are also offering the same conditions for potential buyers. Probably, in big scaled projects through reputable developers, same conditions will be offered in next days.
Who is Emlak Konut?
Read our next article about Emlak Konut.