Turkey’s three largest state-owned banks on Monday announced they will start providing mortgages, lending for used cars, credit for home appliances and holiday packages to boost the economy.

In a joint statement, Ziraat, Halkbank, and VakifBank said financing opportunities will be offered for first-hand houses with a maximum 12-month grace period, up to 15 years maturity and a monthly interest rate of 0.64%

Inflation stands at around 11%.

Similar loan opportunities will be introduced for individual/corporate customers who will purchase new passenger vehicles, including motorcycles, or commercial vehicles from contracted companies that make domestic production.

In addition to this, the banks will offer similar credit conditions for the social needs of individual customers under appropriate conditions, agreements will be made with domestic production companies of furniture, electronics, white goods, home textile, dowry and bicycle sectors and so on.

“Four different financing packages were put into use by our public banks to meet the needs of our citizens in a wide range and to support domestic production,” said the country’s treasury and finance minister on Monday.

Turkey sets to enter a new period in which domestic production will be prioritized.

Last week, Albayrak made it clear the government will implement its long-term, Turkish lira-based and low-cost financing programs more effectively along with the falling interest rates in the coming period.

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