Half is on Us Campaign: Financing Details for Urban Transformation in Istanbul

Duygu Erdoğan - 'Half of It is on Us Campaign' offers an important financing opportunity for beneficiaries who will just start the urban transformation process. The 'Half is on Us Campaign', which was expected to end at the end of this year, was extended until December 31, 2027 by the decision of President Tayyip Erdoğan. It is expected that the momentum in urban transformation will gradually accelerate with 'Half of It is on Us', which offers grants, loans under favorable conditions and moving support. So who benefits from the campaign and how? Under what conditions and what kind of support is offered by the public? Here are all the details in 10 items...

1 - The campaign is limited to Istanbul. All owners of risky buildings in 39 districts of Istanbul can benefit from this campaign. The only condition is; It was determined that the building in the new project (excluding the parking lot and shelter) should not exceed one and a half times the size of the old building.

2 - Those who will benefit from the campaign are recommended to first find a contractor with technical and financial competence and prepare a secure contract. Then, the process that includes risk assessment by institutions licensed by the Ministry of Environment, Urbanization and Climate Change is initiated. Then, an application is made to the district municipality to determine the beneficiary. On the appointment day determined by the Ministry, a 'grant commitment' and 'loan agreement' are signed with the beneficiary and the campaign is included.

3 - Within the scope of the building-based transformation support of the campaign, 875 thousand TL grant, 875 thousand TL loan and 125 thousand TL moving support are provided for each house. In this way, citizens who benefit from the financial support of 1 million 875 thousand TL for each house can have their houses rebuilt by contractor companies. An additional loan of 1 million 750 thousand TL is given for each other residence of the beneficiary.

4 - 437 thousand 500 TL grant, 437 thousand 500 TL loan and 125 thousand TL relocation support are offered for workplaces. A loan of 875 thousand TL is provided for each other shop of the right holder.

5 - Citizens do not need to worry about bank loans in this process. Income and credit score are not taken into account when giving loans to beneficiaries in housing and workplaces.

6 - There are two important details in moving support. The first one; If the homeowner lives in the house, this support is received by him/her, and if there is a tenant, the tenant receives this support. Latter; Monthly conversion rental support and moving support are not received at the same time, one of them must be chosen.

7 - It is not necessary to receive the grant and the loan together. If there is no need, citizens can only receive grants and not use loans.

8 - Payments are made to the contractor company according to the construction progress level, not to the home and business owners.

9 - Many citizens are worried about how these supports will be repaid. Namely; There are no refunds on grants. Loan installment payments start two years after the building permit is obtained and are spread over a period of 10 years. In other words, after the citizen moves to his new home, he enters the installment process. While no interest is applied in the first year of payment, the following years are updated by half of the CPI rate.