Many dreams to buy property in Northern Cyprus, but do not have the full amount for housing. In this case, the state, developers and banks meet halfway to foreign investors and offer the opportunity to register a credit transaction.
The real estate market on the island is actively developing, so developers offer an excellent opportunity to purchase an apartment in Northern Cyprus.
Advantages of such transactions are:
Low prices at the planning stage.
Flexible payment system.
Transaction simplicity and speed.
HOW TO BUY AN APARTMENT UNDER CONSTRUCTION
A home purchase loan is provided by a developer company at an acceptable interest rate. Each developer conditions are different and may change during the construction process. A foreign passport is required to sign the contract. You do not need to be personally present at the transaction, everything can be arranged by a trusted legal entity. The buyer becomes the property owner after the first payment and the full owner after the construction completion. The transaction is made against the apartment itself security.
Conditions: you do not pay annual interest while construction is in progress. If by the end of construction (1-2 years) the client did not have time to pay off the loan, the annual interest will be charged on the remaining amount (not on the entire loan amount). The average interest rate is 8%.
Indicative loan plan:
The initial 1–2-thousand-pound payment.
Upon signing the loan agreement – 25% of the amount.
Upon the frame construction completion – another 25%.
Upon all rough construction works completion – 25%.
After the apartment complete decoration: floors, windows, furniture – 20% of the amount.
When the client receives the apartment keys – the balance is 5%.
FINISHED HOUSING PURCHASE
When buying a finished property on credit, the client makes the first payment, which amount is determined by himself. The balance pays from half a year to 10 years. The term is determined individually with the early repayment possibility. The interest rate is 8% on average.
If the buyer lacks a small amount to complete the transaction, the developer can go to a meeting and provide an interest-free installment plan for the remaining amount.
Thus, mortgage lending in Northern Cyprus is provided by the developer, which ensures the transactions’ transparency. They do not require income certificates from the buyer, do not take an additional commission, do not impose fines for long-term repayment.
Our company offers an apartments wide range, villas, which you can buy on credit for 5-10 years at annual 9-10%, we also have objects for which we offer interest-free payment by installments.