Abstract
In the highly volatile inflationary environment in Turkey, there is not an efficient residential mortgage finance system. Due to the limited access to mortgage financing, low- and middleincome households do not have much chance of becoming homeowners in the market for authorised housing. Thus, Turkish government in collaboration with a state bank (Emlak Bank) focused on using alternative mortgage instruments to solve the problems which inflation causes in the case of constant payment mortgages. The use of Index-Linked Payment Mortgages (IL-PMs) have became more popular mortgage instruments since the late 1990s as an alternative to fixed rate mortgages (FRMs).
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