How to Get Interest-Free Housing Loans

When we look, many banks give loans. Some banks offer retirement interest-free housing loans.

These banks generally give 10 to 15 times the pension. Banks, which offer retirement interest-free housing loans, also set the retirement age limit.

Take an interest-free housing loan with a term of 5 years 

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The highest age level is based on 80. To give an example, a 75-year-old pensioner can take an interest-free housing loan with a term of 5 years (60 months). We have listed below the participation banks that provide retirement interest-free housing loans.

The calculation made in the table above may vary according to the current loan interest rates. There are some expense items while retirees take home loans.

    • The cost of 5 files per thousand is deducted from the loan amount.
    • Life insurance. Personal accident insurance.
    • In the case of a mortgage loan, mortgage and appraisal expenses are incurred.

Banks That Offer Interest-Free Housing Loans?

Banks That Offer Interest-Free Housing Loans?

Banks that offer interest-free housing loans are considered as Islamic banks or interest-free banks worldwide. Turkey ranks as the participation of banks in general. Interest-free loan calculation works with the principle of being a shareholder of the bank’s profit and loss.

Banks receive funds from their own customers and give them new loans in the real sector as loans, and distribute the collected profit to their own customers. Another institution that gives interest-free housing loans is GFIC.

GFIC gave the interest-free housing loan to the families of the police officers who died in 1985 for the first time. GFIC does not remain with this. On 21 September 1991, it was the institution that issued an interest-free housing loan to disabled people, relatives of martyrs,

Cyprus veterans, widows, and orphans, as well as commander veterans, with the official newspaper announcement, numbered 20998. It was repealed in 2014 with the regulation numbered 28912.

Interest-free housing loans will be applied according to the old regulation

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Those who previously used interest-free housing loans will be applied according to the old regulation. Participation banks that offer interest-free housing loans are listed below.

It is possible to take out loans with suitable interest rates and long terms by making use of Housing support loan campaigns announced by these banks from time to time.

When applying to banks, you should take the documents you need to take with you and carry the necessary conditions. Then your loan application will enter the evaluation process.

We recommend you to read our previous article, What Happens If I Do Not Pay My Loan Debt. You can browse the topics that may be of interest in our Consumer Loans category.

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