New Regulations Implemented for Savings Financing Companies

The Banking Regulation and Supervision Agency has put comprehensive new regulations into effect regarding savings financing companies, commonly known among the public as the home system. With the changes made, down payment rates were raised while delivery times and contract limits were re-determined.

Sector Development and Legal Status

While interest rates and restrictions on access to credit direct citizens to alternative financing models, the savings financing sector has grown rapidly, carrying the number of customers to over 1.3 million. There are 9 companies operating in the sector with BDDK licenses.

Down Payment Rate Increased to 45 Percent

With the regulation made at the beginning of July, the down payment rate, which was previously 40 percent for customers preferring the early delivery model, was raised to 45 percent.

Early Delivery Waiting Period Extended

Along with the new rules, the waiting period in the early delivery model was also changed. This period, which was previously 5 months, was increased to 6 months in the new period.

New Limitation on Installment Structure

Within the scope of installment regulations, a rule was introduced stating that the lowest installment amount cannot be less than one-third of the highest installment.

Contract and Financing Limits

While the number of contracts a person can make with the same company was limited, maximum contract amounts for vehicle, housing, and workplace financing were clarified.

Fund Pool and Investment Instruments

The areas where savings collected by companies will be evaluated were restricted, making it mandatory for funds to be kept only in certain low-risk investment instruments.