According to a statement on the BRSA’s website, the housing loan value ratio will be reduced by 75 percent for second-time and veteran home buyers.
This means consumers who own at least one house – either in their name, their partner’s, or their children under the age of 18 – can avail themselves of this benefit in the purchase of another property.
In practical terms, prospective homeowners who are considering buying properties priced at, for instance, 5 million TL will now be able to extend 22.5 percent of the value of the house.
This significant reduction of loan value ratios for second and subsequent home loans does not extend to the first-time home buyer. Therefore, the regulatory change is not an obstacle for first-time buyers.