While determining the procedures and principles for the financing and contributions to be provided by the banks to the New Housing Finance Program, the loan transactions of the applications will be carried out within the framework of the said rules as of today.
The New Housing Financing Program (New Home Campaign) was shared with the public on January 4 through the launch program of the Ministry of Treasury and Finance and the Ministry of Environment, Urbanization and Climate Change.
Within this framework, banks started to receive preliminary applications as of January 16 under the New Housing Finance Program. The Law Amending the Law on the Regulation of Public Finance and Debt Management regarding the New Housing Finance Program was published in the Official Gazette on 28 January and entered into force.
The President’s decision, which determined the procedures and principles regarding the implementation of the program, was published in the Official Gazette today. As of today, banks will be able to carry out loan transactions of the applications they evaluate within the framework of the said rules.
In the regulation, as explained earlier, many issues were clarified, such as housing that can benefit from contributions and flexible payment practices, housing finance that can be provided, terms of benefiting from housing finance contributions, maturity, interest and profit share rates, maximum housing and financing amounts, payment plan applications.
Citizens who are evaluated by banks as having sufficient ability to pay for housing finance and who request contributions will be able to benefit from the program.
Natural persons who are citizens of the Republic of Turkiye aged 18 and over will be able to benefit from the contributions and flexible payment application within the scope of the Program where Istanbul is defined as the 1st region, Ankara, Izmir, Bursa, Antalya, Mersin and Mugla as the 2nd region, and the provinces other than these as the 3rd region.
Persons applying for housing finance in order to benefit from the contributions within the scope of this decision and the flexible payment application will have to have sufficient solvency within the scope of banking legislation and practice practices, this evaluation will be made by the banks.
Those who own property title deed for themselves, their spouse or children under the age of 18 will not be able to benefit from the contributions within the scope of this decision or the flexible payment application.
In order to benefit from the program contributions and flexible payment plan, applicants must have paid at least 270 days of social security premium in the country within the last 1 year (including this date) from the date of housing financing application.
Within the scope of this decision, the maximum net household income of those who will apply to banks to benefit from housing financing contributions has been determined as ₺80 thousand per month for the first region, ₺65 thousand for the second region and ₺45 thousand for the third region. The region where the house/housing project is located will be taken as the basis for the maximum net household income.
The financings within the scope of the decision will be used with a maximum maturity of 15 years. In the flexible payment application, the maturity will not exceed 15 years and will be determined by the agreement of the bank and the applicant.
A 15-year monthly equal payment plan will be applied for the financings to which the Treasury contribution is provided, the interest/profit share rates will be 0.69% for financing up to ₺2 million, 0.79% for a financing amount between ₺2-4 million, and 0.99% for a financing amount between ₺4-5 million.
In the valuation to be made by real estate appraisers, the value of the house and the sales amount of the house will both not exceed ₺9 million for the first region, ₺5 million for the second region, and ₺3 million for the third region. The maximum financing amounts to be used within the scope of this decision will not exceed 90% of the housing value reported in the valuation by real estate appraisers, and will be ₺5 million for the first region, ₺3 million for the second region, and ₺2 million for the third region.
Housing finances to be provided for houses that have not been sold before and are in the property of contractors, and housing projects that have not yet started or are under construction will be evaluated within the scope of the Programme. In addition, within the scope of the Program, real estate developers and owners of land shares within the framework of the construction contract in return for the land share will also be considered as contractors.
Information about other conditions within the scope of the program can be obtained from the banks included in the program.
Source: AA / Prepared by Irem Yildiz