Kuveyt Türk has introduced state subsidized housing account to support Turkish national who have no owned house to own the first and only house in Turkey. Introduced as interest-free banking compliant, Kuveyt Türk’s State Subsidized Housing Account will be made available to the clients of the bank who are willing to make long term savings in an effort to own a house. Kuveyt Türk will boost the savings of its clients by offering profit share in addition to the subsidy offered by the state.
Housing account can be opened in Turkish lira and cumulative participation account at local branch offices. The Housing Account that cannot be opened as a joint account may be opened with a minimum maturity of 3 months and the account shall be renewed annually and the client shall receive profit share. The monthly savings vary between 250 TL and 2500 TL and the client may also deposit on a quarterly basis in the amount of 750 to 7500 TL. Kuveyt Türk will target all income groups through this service.
The account holders may not open multiple housing accounts and may not transfer their accounts to another bank.
Savings holders may enjoy state subsidy of 15-20 percent
In order to be eligible for state subsidy, the savings must be invested on a regular basis for a minimum term of 3 years subject to the conditions specified by the bank and applicants should not own another house as from 7/4/2015 and apply to the bank within 6 months at the latest from the date of acquisition of the house. Account holders may enjoy state subsidy at a maximum rate of 15 percent (maximum 13,000 TL) for a savings term of 3-4 years, 18 percent (maximum 14,000 TL) for 4-5 years and 20 (maximum 15,000 TL) for over 5 years.
The applicants may deposit a single-time amount up to 30,000 TL on the account opening date. Housing account with interim payments can be opened for a minimum maturity of three years. Profit shares may be kept in the current account or added to the relevant participation account so as not to exceed the upper limit, upon request of the client.