Revenue sharing projects will be included in the campaign, which is to begin under the umbrella of Emlak Konut. Interest rates will be 0.7% or indexed to inflation. The annual rate of interest will be restricted to 10% to protect against the possibility of rising inflation.
All of the existing real estate projects of Emlak Konut, apart from its village project, will be in the campaign
It has been learnt that the interest rate is to be restricted to 10 percent in the great real estate campaign, which has been started under the umbrella of Emlak Konut in the face of the tremors created in the economy by the attempted coup. The campaign currently covers the projects built under the revenue sharing model with Emlak Konut, and it is expected that close to 15 thousand residential properties will be sold.
Interest rate to be restricted to 10%
The properties will be sold with a monthly interest rate of 0.7 percent (annual interest rate of 8.2 percent), and with installments of 10 years. However, those who wish to do so, will be able to purchase properties with an interest rate indexed to inflation. The interest rate will be restricted to 10 percent in this instance, to protect against the risk of rising inflation.
Even if inflation rises to 15 percent, people will still only pay a maximum of 10 percent interest a year. However, if the interest rate falls to 5 percent, for example, it will still be possible to become a homeowner with an even bigger advantage, at just 5 percent interest. On the other hand, Emlak Konut will defer its own share of the receivables in order to ensure that the companies which build the residential properties and business centers in the projects being built with revenue sharing will complete their work without any financial difficulties. In this way, it will be providing a type of cash support to the companies.
Opportunity of 20% discount for advance payments
One other leg of the campaign is related only to those who buy residential properties directly from Emlak Konut, and not from those building properties under the revenue sharing model. If these individuals pay the remainder of their debt in advance, they will be able to settle their debts with a 20 percent discount. For instance, an individual who bought a property for 200 thousand liras, and still owes 100 thousand liras, will be able to settle up with Emlak Konut by paying just 80 thousand liras in advance, leaving him/her 20 thousand liras in profit. The amount of debts remaining to Emlak Konut in this way are around 4.4 billion liras. If all debtors wanted to take advantage of the advance payment, this will mean a cash injection of 3.5 billion liras, into Emlak Konut.
Deposit for the properties to be sold in the plan will be 20 percent instead of 25
As is known, according to the rules of the BRSA (Banking Regulation and Supervision Agency), people wishing to obtain property loans need to have at least 25 percent of the total amount in cash. The requirement for 20 percent deposit in the project to be announced by Emlak Konut means that the deposit required for a 250 thousand TL property will be just 50 thousand TL, instead of 62 thousand 500 TL.