TOKI warns the property owners of low-income groups
Posted by meb at February 27th, 2008
The Housing Development Administration of Turkey (TOKİ) warned that the agreements of those who bought homes through projects for low-income groups but did not live there until they finished the payments would be annihilated.
After the complaints about the abuse of the favorable terms under which the houses are sold, TOKİ, which undertook construction project of 3,353 homes for the people without means and of 60,912 homes for the low-income groups, explained that the projects for the low-income groups were ‘preferential,’ and those who want to apply for these projects need to perform certain conditions defined by TOKİ. Accordingly, those who bought houses though these projects were obliged to live there and not to hand them over by the conditions from May 26, 2006 onward to prevent any abuse.
One needs to pay a deposit of YTL 4-5,000 in order to buy houses from the low-income groups projects. The installments, ranging between YTL 180-200 depending on the project, start after moving in and continue for 15 years. The number of applications for these projects is triple or even quadruple the number of homes and might even reach 10 times in some cities.
Source: Turkish Daily News
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