May 10, 2018 / 12:31 PM / a year ago

Turkey's Halkbank says lowers housing loans interest rate to 0.98 percent

ISTANBUL, May 10 (Reuters) - Turkish state lender Halkbank lowered its interest rate for housing loans with a maximum maturity of 10 years and an amount of up to 500,000 lira to a monthly 0.98 percent, the bank said in a statement on Thursday.

The move comes after President Tayyip Erdogan and his economic team advised banks to ease real estate borrowing in a meeting on Wednesday. According to Halkbank’s website, the monthly rate stood at 1.16 percent.

Ziraat Bankasi also lowered the interest rate on similar housing loans to a monthly 0.98 percent. (Reporting by Ebru Tuncay Writing by Ezgi Erkoyun Editing by Daren Butler)

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