Turkey expands low‑interest housing loans as banks launch zero‑interest credit schemes

The Turkish government is preparing to launch the "İlk Evim" low‑interest housing loan program, targeting first‑time homebuyers with incomes in the low‑ and middle‑range. The scheme, endorsed by Environment Minister Murat Kurum and Vice President Cevdet Yılmaz, will offer loans at an interest rate of around 1.20 % and repayment periods potentially extended to 15 years. Eligibility criteria include no prior property ownership, recent residence in the purchase city, and sufficient income and credit rating. Application portals have not yet opened, with a public announcement expected from President Recep Tayyip Erdoğan.

Simultaneously, several Turkish banks have introduced zero‑interest credit offers for new customers to ease seasonal cash shortages. QNB Finansbank and TEB each provide up to 100,000 TL in interest‑free financing, split between short‑term loans and cash‑advance products with three‑month terms. These promotions aim to help households manage post‑Eid cash flow constraints.

Both initiatives reflect a broader push to increase affordable financing options for Turkish households.