Turkey’s BDDK Issues New Rules for ‘Evim’ Interest-Free Housing…
Turkey’s Banking Regulation and Supervision Agency (BDDK) has issued new guidelines for “evim sistemleri,” popular interest-free housing savings systems. These systems allow individuals to save collectively for home purchases without incurring interest costs, serving as an alternative to traditional mortgages.
The regulations introduce two main changes. The maximum early delivery rate for participants has been raised from 40 percent to 45 percent, potentially allowing more individuals to receive their homes sooner if they meet the conditions. However, the earliest delivery period, the minimum waiting time before a home can be delivered, has been extended from 150 days to 180 days.
This 30-day increase means all participants, including those qualifying for early delivery, will now wait longer.
BDDK’s decision aims to regulate and strengthen the stability of these “evim” models, which are based on group savings and sequential allocation, appealing to those avoiding interest-based financing for religious or personal reasons. The changes will directly impact housing purchase timelines for households and require financial institutions offering these systems to adjust their operations and schedules.
Source: Bloomberght
