While the citizens are directed to public banks for ‘low’ interest rate housing loans, the resulting public loss will come out of the pocket of the state, that is, of the people. While the political power lends a hand to the contractors through interest-bearing loans, the ‘Islamic teaching’ aspect of the interest issue remains the same as it has been for 1400 years!
INTERESTS DECREASED BUT THE PRICES ARE UP!
In order to prevent the increase in exchange rates in the past months, the government, which has introduced an ‘interest guarantee’ to depositors under the name of currency-protected deposits and does this from the pocket of citizens who do not want to get involved in interest, has also presented 3 solutions based on interest and credit against the housing crisis, which has become a serious problem recently! Announcing the ‘good news’ that a 10-year term loan of 0,99 percent per month will be given to citizens who will buy a house for the first time, up to 2,000,000 Turkish Liras (TL), the government has also issued 2 different loan and financing packages that are ‘good’ for contractors and large companies in the construction sector. With the announcement of the loan packages announced as ‘good luck’ after the cabinet meeting, there was a serious increase in real estate prices, while it became almost impossible for low-income and middle-class citizens to buy a house.
THEY TALKED LIKE ‘AGAINST INTEREST’ AND SIDED WITH THE MONEYLENDER!
Although the political power tries to give the perception of ‘against interest’ to the public, in practice, moneylenders always win. The government, which reduced the policy interest rate to 14 percent and touted it as ‘the war against interest rates’, lends money to banks with 14 percent and borrows money from them to 24 percent, while the winner is again the interest owner.
While banks are reaching the biggest profits of their history in the supposedly ‘low interest’ atmosphere; The currency-protected deposit system also draws attention as an ‘interest guarantee’ to those who have money in the bank. Regarding the interest rate cut by the Central Bank, President Erdoğan said, “As a Muslim, I will continue to do whatever the Islamic teachings require. This is the verdict” statements, on the other hand, almost do not coincide with current practices.
The government, which presents interest as a solution(!) to economic problems, showed the way of the bank to the citizens against the housing crisis. The government, which introduced the currency-protected deposit account measure in the past months to prevent the increase in exchange rates, also offered 3 solutions based on interest and credit against the housing crisis, which has become a serious problem recently. Announcing that it is good news that it will be given to citizens who will buy a house for the first time, up to 2,000,000 TL with dated of 10 years and an interest rate of 0,99 percent, the government has also released 2 different loan and financing packages that are good for contractors and large companies in the construction sector. On the other hand, after the announcement of the interest-bearing housing loan packages announced after the Cabinet Meeting, it became almost impossible for low-income and middle-class citizens to buy a house, while real estate prices increased significantly.
HOUSE WITH INSTALLMENTS OF 28,555 TL
The interest-rate housing package announced as the good news make those who use the loan facility regrettable, which is stated to make it easier for the citizens to buy a house. The loan of 2,000,000 TL for citizens who will buy a house for the first time with dated of up to 10 years and an interest rate of 0,99 was announced as 'Good luck', but at the end of 10 years, the total amount to be paid to the bank comes to 3,426,000 TL.
Citizens who will use 2,000,000 TL housing loans with dated 120-months will pay a total of 1,426,000 TL interest, while the monthly installment amount will be 28,555 TL. Housing loan with an annual interest of 12,5 percent will be obtained from public banks and the resulting public loss will be covered from the state coffers.
INTEREST ALWAYS CAME OUT FROM THE ECONOMIC SOLUTION PACKAGE
Although the government seems to be against interest in the discourse, it presented interest as a solution to the economic problems in Turkey. Regarding the rate cut of the Central Bank, President Recep Tayyip Erdoğan said, “As a Muslim, I will continue to do whatever the Islamic teachings require. While the statements of ‘This is the verdict’ kept their place in the memories, it was seen that the citizens were pushed into the lap of the interest lobby in all the packages offered by the government to solve the crisis in the economy.
CITIZENS WILL FACE INTEREST!
Someone who 2,000,000 TL loan will be given, who will buy a house for the first time, up to 10 years with a monthly interest rate of 0,99 percent will pay a total of 3,426,000 TL to the bank. The interest amount of the loan will be 1,426,000 TL and the monthly installment amount will be 28,555 TL.
Loan type: Housing loan
Loan amount: 2,000,000 TL
Interest Rate: 0,99 percent
Number of Installments: 120 months
REFUND: 3,426,674.61 TL
Monthly Cost: 0,9900 percent
ANNUAL Cost: 12,5487 percent