Real Estate

A new era in urban transformation: Rent and loan interest support for those who want to renovate their houses

A new phase has been entered in the urban transformation. Those who want to renovate their home will be able to receive interest support on both rent and bank loans. Those who want to transform their shantytown will also be able to benefit from the support.

Risky houses will be renewed rapidly, and those who renovate their own houses will be able to receive interest support for both rent and bank loans. This decision, which is an important step in urban transformation, was published in the Official Gazette and entered into force.

Those who wanted to transform their own houses in urban transformation could benefit from a single support.

With the new regulation, both rent and interest support will be available for buildings that will undergo transformation. Those who renovate their slums will also benefit from these supports.

Rent will be paid for 18 months in the risky structure and 48 months in the risky area.

For those who want to transform their home or workplace, rent support will be given for 18 months in risky buildings and 48 months in risky areas. Rental aid will be between ₺715 and ₺1,150 depending on the provinces.

In addition to rent support, bank loans will also be facilitated. An interest rate of 0.88% will be applied for energy-efficient residences. In other residences, this rate will decrease to 0.96%.

Interest supported conversion loan will be given up to ₺400 thousand. Loans up to ₺160 thousand will be provided to those who want to strengthen their houses.

Those who renovate their own house will pay 1% VAT

Those who want to renovate their house will be exempt from title deed and notary fees. No stamp duty will be charged. It will pay 1% VAT instead of 18%.

Source: Trthaber / Translated by Irem Yildiz

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