North Cyprus property loan
The cheap interest rates on mortgages in this country are one of the reasons for the popularity of buying property in North Cyprus, in addition to the strong annual growth of real estate. Mortgages in North Cyprus are simple to obtain and have affordable interest rates.
North Cyprus property can be purchased in cash or non-cash, with interest-free or low-interest installments. Property purchased with a mortgage is instantly transferred to the buyer after the contract is signed. The loan terms will be stated in the contract, and the purchased property will serve as collateral for the loan. The buyer owns it during the loan payback period. This means he is permitted to rent or sell the property.
According to rental applications, the landlord can pay his loan payments by renting his property throughout the year. It will also be beneficial to lease a property to a landlord. Annual apartment rent might range between 8% and 10% of the property’s total value.
Bank loan interest rates range from 5% to 13%, depending on the bank. This loan is worth up to 70% for Turkish citizens and 50% for non-Turkish citizens.
Some organizations provide 5-year interest-free installment loans or loans with lengthier payments and interest rates ranging from 5% to 12%. The down payment for the property also varies depending on the construction business, ranging from 10% to 50%.
North Cyprus Bank Loan Conditions
- A valid passport.
- Opening a bank account in a foreign currency.
- Certificate of financial capability (Official translation of a legal receipt, lease, or bank account) Or, as a loan guarantee, putting money in the bank. It should be remembered that interest is withdrawable).
- On-time installment payments (installments are usually between 6 and 36 months).
- In addition to the mortgage length, the applicant should not be older than 70 years.
- Mortgages can be obtained in a variety of foreign currencies, including the pound, dollar, Swiss franc, euro, and others.
- A foreign currency mortgage has a payback period of up to 15 years.
- The mortgage payback length in Euro is limited to a maximum of 25 years.
- Depending on the customer’s credit score, the maximum loan amount can be up to 70% of the purchase price.
- Mortgage payments are made monthly or every three months.The loan can be repaid in installments (principal and interest) or by paying interest first (for example, over 5 years) and subsequently the principal amount to the bank.
- Pay for stamps, insurance, and other expenses.
It should be remembered that banks’ interest rates may be changed in the future.
Why Cihanara in north cyprus?
Cihanara is a leading real estate agency in North Cyprus, known for its extensive selection of properties and its commitment to providing the best service to its clients. We understand that buying a property is a significant investment, and that’s why we strive to make the process as smooth and stress-free as possible.
One of the reasons why North Cyprus is so popular among buyers is the cheap interest rates on mortgages. At Cihanara, we have a team of experts who can guide you through the mortgage process and help you find the best loan options to suit your needs. We work with a variety of banks and organizations, ensuring that our clients have access to the most affordable interest rates and the most favorable loan terms.
We also offer a variety of payment options, including cash, non-cash, and interest-free or low-interest installments. Our properties are instantly transferred to the buyer after the contract is signed, and the purchased property will serve as collateral for the loan. This means you will own the property during the loan payback period and have the freedom to rent or sell it.
At Cihanara, we also provide rental management services to our clients, so you can pay your loan payments by renting your property throughout the year. Our rental applications have proven to be profitable with an annual apartment rent ranging between 8% and 10% of the property’s total value.
As a leading real estate agency in North Cyprus, we are committed to providing our clients with the best service and support. We understand that buying a property can be a daunting process, which is why we are here to guide you every step of the way. Contact us today and let us help you find your dream property in North Cyprus.