Turkey’s Ziraat Bank slashes monthly interest rates on housing loans

Turkey’s Ziraat Bank slashes monthly interest rates on housing loans

ISTANBUL
Turkey’s state-run Ziraat Bank said on Aug. 10 that it has cut interest rates on housing loans after Turkish President Recep Tayyip Erdoğan last week called for lenders to slash borrowing costs to boost housing sales. 

The bank cut the rates to 0.82 percent for loans of up to 24 months. The rates will be 0.9 percent for 25-60-month loans and 0.95 percent for 61-120 months. 

The new rates became effective as of Aug. 10, the bank said in a statement. Erdoğan had urged lenders to reduce interest rates for home purchases, describing high interest rates as “oppressive” in a speech on Aug. 4.

Afterwards Banking Regulation and Supervision Agency (BDDK) head Mehmet Ali Akben said they expected a downward revision in consumer, corporate and housing loans.
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