X

Turkey Launches Initiative for Affordable Housing for Middle-Income Citizens

  • 06 January 2023

Turkey has announced a new campaign aimed at providing affordable housing options for middle-income citizens. The campaign, called the "My New Home Program," will offer mortgage loans with lower interest rates and longer maturities for amounts up to TL 5 million ($266,823). The rates will start at 0.69% and the loans will have a maturity of up to 15 years. The program will also offer three years of support from the Ministry of Treasury and Finance for payments and a household income-based payment plan. The loans will be available for new housing before, during, or after construction. Contractors that promise to build housing will also have access to financing of up to TL 25 billion with credit guarantee fund backing. This announcement comes after Turkey unveiled its largest social housing project ever in an effort to make low-income families homeowners in the face of rising real estate prices and rents.