The housing account is a system that encourages people who want to become homeowners for the first time to accumulate and, accordingly provides state support. For state support, people must first open a housing account from a bank and make regular investments in this account for at least 3 years. Thus, the state officially follows your process of saving money. The state contribution, on the other hand, depends entirely on the accumulated principal. The state provides support for up to twenty percent of the savings made. The percentage of this support varies, but the maximum is twenty percent. The most important point here is that there should not be a house where a person has his own name. Otherwise, people who previously owned a house will not be able to benefit from this support. The housing account must be opened in Turkish lira. When opening a housing account, you should choose your bank well. Because it is impossible to change the bank after the account is opened.
How to Open a Housing Account in Turkey?
In order to open a housing account, you must first meet the specified conditions. Citizens who meet the requirements must choose a bank at the next stage. After selecting the bank where the housing account will be opened, go to the bank branch and sign the housing account agreement. At this point, when you make a deal with your bank, you also specify your personal options, such as payment plans. It is useful to prepare plans such as monthly amounts to be paid, and monthly payment periods jointly with professional consultants at the bank.
Who Can Open a Housing Account?
Who can open a housing account is listed below.
- Citizens, as of May 7, 2015, Turkish citizens who do not have housing registered in their name can open a housing account.
- A housing account can be opened on behalf of those under the age of 18 through a parent.
What are the Conditions to Benefit from the Housing Account Contribution?
The conditions for taking advantage of the housing account are listed below.
- The housing account must be opened in Turkish lira.
- People who do not own a house on their own behalf must open a housing account.
- Payment amounts must be paid taking into account pay limits.
- The Ministry pays a State incentive only to the first account applied for. No other account can be opened.
- Only citizens of the Republic of Turkey can benefit from the support.
- No more money can be withdrawn from the housing account than the right of periodic withdrawal.
- Residential buildings with a condominium title deed, residential buildings with a floor easement title and a building use certificate, and detached real estate with a residential qualified building use permit are structures that are encouraged by the state.
Which Banks Have Housing Account?
In order to open a housing account, many state and private banks have been authorized in Turkey. The two most common banks to use are Ziraat Bank and Vakifbank. These banks are state-managed banks. All banks that can open a housing account and the savings account name are listed below.
- Ziraat Bank housing accumulation account
- State-backed Halkbank housing loan account
- İsbank housing account
- Vakifbank housing account
- Kuveyt Turkish state-funded housing account
- Sekerbank housing account
- Halkbank residential deposit account
- Denizbank housing account
- Denizbank state housing account
- Ziraat Bank state-funded housing account
- Finansbank housing loan accumulation account
What is the Payment Plan of the Housing Account?
Pay plans are individual. Plans have been submitted by the state to citizens, according to which they can pay every month or quarterly. In addition, the amount to be paid is also limited. The Minimum and Maximum amounts vary every year depending on the economic conditions of that year. When paying plans are examined on a year-by-year basis, a minimum requirement of three years is observed. Citizens can accumulate a minimum of three years, as well as increase this period is on their own initiative. As the accumulation increases every year, the amount of incentives provided by the state is also increased.
When is the State Subsidy Received?
In order to receive state incentives, it is necessary to accumulate a minimum of three years. After the accumulation period has expired, the housing to be purchased must be determined. After the acquisition of housing, you should apply to the bank where you have accumulated no later than 6 months with your title deed. Your bank will contact the relevant institutions of the state and process your transactions within 10 business days. If the right to state support has been acquired, the amount is credited to the bank account.
How is the State Contribution Amount Calculated?
As the accumulation period increases, the amount of incentive increases. Accordingly, the data are given below. The data are indicated according to the year 2022.
- For 36 to 47 months, it is 15 percent of the amount of savings in the account. However, the amount payable may not exceed 26,995.96 Turkish liras.
- For 48 to 59 months, it is 18 percent of the accumulation amount in the account. However, the amount payable may not exceed 29,072.57 Turkish liras.
- For 60 months and over, it is 20 percent of the accumulation amount in the account. However, the amount payable may not exceed 31,149.18 Turkish liras.
What are the Housing Account Advantages?
The advantages of opening a housing account are listed below.
- Your savings are safely stored through banks.
- Withdrawals are restricted to take advantage of the incentive. You do not spend your money, but rather increase it.
- Thanks to the incentive that will be given when you buy a house, your principal will increase.
Can A Foreigner Open An Housing Account in Turkey?
Turkey has a large and developed financial sector dominated by both state-owned deposit banks and private deposit banks. When foreigners want to buy a house in Turkey, they can request a loan for the house from all banks. However, certain conditions must be met in this transaction, for example, foreigners residing within the borders of Turkey must prove their residence and work permits in Turkey to apply for a loan. In addition, the banks in the two types we mentioned require documents proving at least 12/24 months of residence or work permits from foreigners.