New social benefit a day after Erdogan’s government announced a 25% increase in civil servants’ salaries and pensions
Loans with lower interest rates and longer maturities will be offered to middle-income Turks looking to buy new homes, Turkish Finance Minister Nurettin Nebati said today, a day after the Erdogan government announced a 25 percent increase in civil servant salaries and pensions.
Ahead of what promises to be a difficult election for President Tayyip Erdogan in mid-2023, the government has recently been promoting a policy of fiscal and monetary incentives such as wage increases, pension benefits, social benefits, energy and agricultural support.
Nebati told a news conference that the 5 million pound (US$266,823) mortgages would have maturities of up to 15 years and interest rates starting at 0.69 percent.
“We have prepared the ‘my new home program’ for middle-income citizens with favorable interest rates, three years of ministerial financial support for payments and a payment plan based on household income,” Nebati said.
Loans with favorable interest rates for new housing will be extended before, during and after construction, Nebati added.
Contractors who promise to build homes will also have funded access to a guaranteed credit of around 25 billion Turkish lira, Nebati added.
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