ANKARA, Jan 4 Reuters Mortgages with lower rates and longer maturities will be offered to middle income Turks looking to buy new housing, Turkish Finance Minister Nureddin Nebati said on Wednesday.

Nebati told a news conference the mortgage loans with amount up to 5 million lira 266,823, will have up to 15 years maturity and rates will start from 0.69.

We prepared 39;my new home program39; for middle income citizens with advantegous rates, threeyear finance ministry support in payments and a household incomebased payment plan, Nebati said.

The loans with favourable rates will be extended to new housing, before, during or after construction, Nebati also said.

Contractors that promise to build housing will also have credit guarantee fundbacked access to financing of some 25 billion Turkish lira, Nebati added.

Ahead of tight elections for President Tayyip Erdogan in mid2023, the government has pressed on with a policy of fiscal and monetary stimulus including wage hikes, retirement benefits, social aid, energy and agriculture support.

1 18.7390 liras

Reporting by Ebru Tuncay and Ezgi Erkoyun; editing by Barbara Lewis

Source Reuters