Turkey mortgage rates surge to about 40% as interest hikes hit borrowers

In the week of 19 June, Turkish housing‑loan interest rates rose sharply, increasing by 101 basis points to reach roughly 40 % (40.73 %). The jump reflects higher TL‑based borrowing costs across the market.

Based on the new rates, the five most cost‑effective banks for a 2‑million‑lira mortgage over a 60‑month term are QNB Finansbank, Ziraat Bank, Halkbank, Akbank and Garanti BBVA, with monthly interest rates ranging from 2.84 % to 3.31 % and total repayments between 4.2 million TL and 4.7 million TL.