Turkish banks show significant variation in mortgage rates

Financial analysis reveals a wide gap in mortgage repayment amounts among Turkish banks for identical loan amounts and terms. For a 2,000,000 TL real estate loan with a 120-month maturity, monthly installments vary significantly based on the institution's interest or profit-sharing rates.

Participation banks such as Albaraka Türk and Kuveyt Türk offer rates around 2.87%, resulting in monthly payments of approximately 59,391 TL. Public banks like Ziraat Bankası (2.89%) and Halkbank (2.99%) offer monthly payments of 59,757 TL and 61,595 TL, respectively. Private banks show higher rates, with Garanti BBVA at 3.13%, Akbank at 3.15%, and DenizBank at 3.26%, leading to monthly installments as high as 66,618 TL.

Rising housing prices and interest rates continue to impact affordability across major cities. In Istanbul, the average price for a 100-square-meter home is approximately 9,084,300 TL, requiring a minimum monthly household income of roughly 475,000 TL to sustain a 120-month loan. In Ankara, the average price is 4,924,400 TL with a required monthly income of 331,000 TL, while Izmir and Antalya require monthly incomes of 344,000 TL and 355,000 TL, respectively.