After the announcement of the new stage of the social support campaign «My First Home» - and it will now affect households with average income (not only low) - the amount of support that will be provided to those who purchase their first home became clear.
According to the bill, the part of the payment amount exceeding 30% of the family income in the first three years of payments will be covered by the Ministry of Treasury and Finance.
As follows from the presented budgeting scheme, payments in the amount of 2.75 billion Turkish lira (TL) are planned for 2023, 8.58 billion in 2024, and 6.89 billion in 2025.
In total, this financial support will affect 50 thousand residential residences, the total amount of payments after three years is stated as 18.22 billion TL.
Recall that under the «My New Home» program, when taking out a housing loan in the amount of up to 2 million TL, the interest rate will be 0.69% per month; in the amount of 2-4 million TL – 0.79% and, finally, 4-5 million – 0.99%.
Market players believe that thanks to this program, 2023 will be the «golden year» for the real estate sector in Turkey.