Banks are commercial institutions and they are for profit. Therefore, they normally do not grant interest-free housing loans, but consumers may have the opportunity to use interest-free loans under some projects or campaigns. Since these campaigns and projects are not provided by the banks, it cannot be said that banks give interest-free housing loans, but below will be mentioned how to buy housing with zero interest.
The interest-free mortgage loans that are created usually occur when the interest burden is covered by the construction companies and the bank provides the consumer with the main money required to purchase the house in question. This may seem complicated, but it does not mean anything other than the construction company handing over a portion of its receivables to the bank.
Interest-Free Housing Loan
Real estate associations, which came together last year and made a statement that mortgage loan rates should be lowered, announced their decision to end bank dominance in the sector and announced that interest-free housing loans could be provided to consumers in this context.
They were made to deal with again some bank branches for some construction projects within the campaign prepared with the cooperation and this project consumers who want to buy housing, which included up to 60 months if they make an advance payment of 10% has been announced can be given interest-free housing loans.
In the same meeting, in addition to the breakthrough on interest-free housing loans, housing loans with very low interest rates and up to 20 years of maturity were also mentioned. In this context, associations stated that they have undertaken various initiatives and announced that financing can be allocated with up to 20 years of maturity, with interest rates of 0.45% and 0.75% in the future.
So How to Buy Housing with Zero Interest?
In fact, the system is a fairly simple and sustainable set of procedures. Namely, after deciding on the house to be purchased, a down payment of 10% of the total value of the house should be made and financing should be allocated from the bank for housing. The bank will be deemed to have purchased all the rights of the consumer house, which will make the financing payment directly to the construction company. To explain the procedures step by step:
- Among the housing projects organized, the house to be purchased is decided.
- The authorized bank branch is contacted for financing the house in question and a contract is requested.
- The bank prepares the contract and requests a 10% down payment to meet with the construction company to process the sale of the dwelling.
- Financing is allocated based on the deposit and blocking of 10% down payment into the bank account to be opened and the house is purchased.
- The consumer begins to pay the loan with zero interest, which can be paid in installments up to 60 months.
How to buy an interest-free house without any down payment
The banks that signed a protocol in order to enable consumers to use zero-interest housing loans were announced.
If consumers have a request in this direction, the amount of down payment can be increased and the remaining amount can be paid in the long term without interest. This method is preferred by consumers who want to reduce the amount of installments.
In addition, another new and alternative interest-free home purchase method is the Real Estate Certificate Purchase, and you can reach our department where we share detailed information on this matter.