North Cyprus International Property Consultants (NCI) offers a unique North Cyprus bank mortgage and developer payment plan advice service for both investors and lifestyle buyers.  With 18 years of experience in the North Cyprus property market and north Cyprus mortgages, we know that at least half of those buying a property in North Cyprus prefer to pay in monthly or quarterly instalments for their villa or apartment.   We take you by the hand and lead you step-by-step through the mortgage and payment plan process.

Special Covid Period Interest-Free Payment Plans

There are currently some excellent Interest-Free Payment Plans from developers on both apartments and villa properties in North Cyprus.  These offers change often.  Please contact us with details of the area, type and size of property you are seeking and we will send you details of the most suitable offer available at the time you enquire.

North Cyprus Bank Mortgages

Kyrenia (Girne) - North Cyprus

Until recently, north Cyprus bank mortgages for pre-owned “resale” properties were restricted to Turkish Cypriots working in Cyprus.  Overseas visitors buying a property in North Cyprus, previously took advantage instead of the non-status payment plans offered by some of the developers of new-build villas or apartments, with the villas tending to be off-plan and apartments ready and under construction.  However, as of 2018 low-interest, 50% North Cyprus bank mortgages have become available to overseas buyers on key-ready villas and apartments with individual title deeds, subject to the financial status of the buyer.  Many of these properties are also fully furnished!

Private Payment Plans

If you are able to pay in full within 1-2 years and able to pay at least 70% of the property value upfront, we can sometimes arrange a private payment plan with the seller of key ready property.  Let us know what your comfortable down payment is and how soon you can pay the balance and if possible we will arrange a private payment plan for you with the seller, which avoids interest payments and the costs and time involved in setting up a bank mortgage.

The NCI Mortgage and Payment Plan Advice Service

North Cyprus International provides the best possible information to those buying a property in North Cyprus, about which type of payment plan is right for them.  Our customers also have access to exclusive lists of North Cyprus properties for sale – clearly divided into those which are “mortgage-ready” and those which are eligible instead for developer instalment plans.  It is important to note that ONLY those with an individual North Cyprus title deed are bank mortgage-ready (shared title deed properties are not eligible).    To arrange a no-obligation telephone or skype consultation, just contact NCI using the contact form at the end of this article.

How to choose whether you need a  North Cyprus Bank Mortgage or Developer Payment Plan Property

 North Cyprus Bank MortgageDeveloper payment plan
Who lends the money for my property?North Cyprus bankDeveloper who has built the property you are purchasing
Are the loans for both villas and apartments?  Are they key-ready?Key ready properties – usually pre-owned.



Brand new Off Plan, under construction and some ready properties
Will the property have a North Cyprus title deed?Individual Title Deed must be availableDeed available in some cases.  Usually pending.
How long is the loan period?UP to 10 years, sometimes longer3-12 years, depending upon developer.
What is the interest rate?Currently approx. 9% (January 2021)Ranges from 4.9% – 12%
Are there any interest-free payment periods?There are no interest-free payment periodsSome Interest-Free Special Offers are available – contact us for details. The instalments during the build period are all interest-free. Some developers will extend this period for 1-2 years once you move in.
Is this a status or non-status loan?Subject to proof of incomeNon-status loan
What % cash deposit is required?Maximum 50% of the sale priceRanges from 25% – 55% deposit needed
How long does it take to arrange the property loan?Minimum 3 months, often longer. If you are a Kimlik Card holder (Turkish Cypriot), it is much quicker. Within a month possible
Is there an arrangement fee for the loan?Yes – bank fee added to loan.  £600 fee to legal firm as brokerNo
Can I pay the loan off early?Yes – no penaltyYes – no penalty
Can I resell the property during the loan period?Yes – no penaltyYes – no penalty
Can I rent out my property during the loan period?Yes – bank approval may be requiredYes
Karpaz Gate Marina - North Cyprus International - North Cyprus Property Agents
Karpaz Gate Marina – North Cyprus

This table shows the differences between the two payment plan options.  It is important to note that the two types of payment plans are generally not available as a choice on the same properties for sale in North Cyprus, although some new-build properties where the title deed is ready, will be eligible for either type of instalment plan.

In order to decide which type of loan is right for you to please complete our 2-minute property questionnaire.  We will send you details of which properties and payment plan types best match your individual financial and lifestyle needs.    If you like the properties which we send, you can then arrange a no-obligation telephone or skype consultation to take things further.

North Cyprus Mortgages – The main benefits of north Cyprus bank mortgages and developer payment plans

The main benefits of a North Cyprus bank mortgage are

* The villas and apartments are key-ready (usually pre-owned) property, often fully furnished

* The properties have an individual title deed already in place,

* Bank loans are up to 50% of the value of the property.

* These bank mortgages are subject to status and can take up to 3 months to arrange, often longer.

The main benefits of a north Cyprus developer payment plan loan are

* There are some Special Offers which are Interest-Free from developers – contact us for details.

* All customers qualify for the purchase of a villa or apartments with installment payments

* These instalment plans can be arranged more quickly than a bank loan (within a month in some cases) and the process of more simple.

* The loans are non-status, requiring no proof of income.

* Loans are interest-free during any build period (stage payments), however once the property is completed, interest rates are generally higher than bank mortgages.

* Developer loan interest rates are often lower than bank rates, although some can be higher.

Karpaz 9 - North Cyprus Pictures

The great news for those buying a north Cyprus property with a payment plan, both North Cyprus bank mortgage loans AND non-status developer payment plan loans can be paid off early with no penalty.   As most North Cyprus properties are currently rising in value, you are entirely free to resell your property during the loan period at any time and benefit from the likely capital growth.  You are also free to rent out your property during the mortgage or developer loan period.  This rental income can of course be used to help to finance your loan, although generally do not cover all the payments so it’s important not to overstretch your borrowing.

NB: 50% is currently the maximum loan available for non-Cypriots, but this amount may increase in the future.  Cypriots with a Kimlik Card may already be able to borrow more – this will be decided on a case by case basis.  All % loan amounts are subject to change by the bank.

To find out more about the NCI North Cyprus Bank Mortgage and payment plan properties and to receive our lists of mortgage-ready villas and apartments, please complete the contact form below or call us on +44 207 112 8086 or +90 548 861 0600.