Banks have announced mortgage restructuring campaigns that will run until the end of February, offering the possibility to refinance loans at a minimum interest rate of 1.36%. ING, Akbank, Garanti BBVA, Türkiye İş Bankası, VakıfBank and Yapı Kredi stated they will restructure mortgages taken earlier at rates above 1.36% for customers who are currently struggling to pay monthly installments. Under these programs, customers’ loan rates will be lowered to 1.36% where applicable and terms may be extended to reduce monthly payments. Total repayment amounts will vary depending on the new loan term, while monthly installments are reduced to ease repayment burden.
For example, a borrower who previously took a 100,000 TRY mortgage at 1.50% interest with a 119-month term and paid monthly installments of 1,800 TRY may apply for restructuring. If they benefit from the restructuring campaign, the 100,000 TRY loan can be converted to a mortgage at 1.36% interest with a 120-month term, lowering the monthly payment to approximately 1,696 TRY. Each bank will apply its own specific restructured rates and terms, which have now been announced.
ING Bank Restructuring
ING Bank announced that customers who previously took a 100,000 TRY mortgage and apply for restructuring will receive a new rate of 1.36%. In this scenario, the total repayment for a 100,000 TRY loan is about 205,000 TRY, with monthly installments of roughly 1,695 TRY over 120 months. ING customers whose current monthly payments exceed 1,695 TRY can apply for this restructuring at ING branches.
Akbank Restructuring Offer
Akbank stated that customers with 100,000 TRY mortgages whose monthly payments are above 1,900 TRY qualify for the restructuring campaign. Those applications will be accepted at Akbank branches. Akbank offers a restructured rate of 1.39% with a 120-month term, resulting in monthly payments around 1,718 TRY. The total amount repaid for a 100,000 TRY loan over 120 months is calculated as approximately 205,000 TRY.
Garanti BBVA Restructuring
Garanti BBVA also announced it will continue offering advantageous restructuring options through the end of February. Customers who previously took a 100,000 TRY mortgage and currently make monthly payments above 1,900 TRY may be restructured to monthly payments near 1,718 TRY. The restructuring applies a 1.39% rate with a 120-month term, and the total repayment for 100,000 TRY is estimated at about 207,000 TRY.
Türkiye İş Bankası Restructuring
Türkiye İş Bankası offers restructuring for customers who previously took a 100,000 TRY mortgage and currently have monthly payments of 1,800 TRY or more. Under the bank’s offer, monthly installments are revised to about 1,725 TRY. The new term is 120 months and the new rate is 1.40%, with total repayment after 120 months estimated at around 208,000 TRY.
Yapı Kredi Restructuring Offer
Yapı Kredi is offering one of the restructuring alternatives with a rate of 1.45% for certain customers. Customers with 100,000 TRY limits and current monthly payments in the 1,900–2,000 TRY range can have their mortgages restructured so monthly installments are approximately 1,763 TRY under the offer. With a 120-month term, the restructured monthly payment is around 1,725 TRY and the total repayment after 120 months is calculated at about 213,044 TRY.
To apply for restructuring, customers should visit a branch of the bank that issued their mortgage with their identity card and payroll document. Announcements indicate that applications are being accepted directly at bank branches.