May 10, 2018 / 9:16 AM / in 3 months

Turkey's Ziraat Bank lowers housing loans interest rate to 0.98 percent

ISTANBUL, May 10 (Reuters) - Turkish state lender Ziraat Bank lowered its interest rate for housing loans with a maximum maturity of 10 years and an amount of up to 500,000 lira ($117,000) to a monthly 0.98 percent with effect from May 11, it said 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 Ziraat’s website, the monthly rate currently stands at 1.23 percent. ($1 = 4.2685 liras) (Reporting by Ebru Tuncay, Writing by Daren Butler; Editing by David Dolan)

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