Turkey has launched a program to provide mortgage loans to young families without prepayment, interest rates and with a repayment period of 25 years, Turkish Prime Minister Recep Tayyip Erdogan said.

According to Erdogan, the program will be available to all families, as TOKI construction company at the Turkish government will build 1m apartments every year. Over 500,000 marriages are registered in Turkey each year, Milliyet daily reports.

Erdogan said that young families will pay U.S. $ 70 a month, depending on the cost of an apartment.