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 15 years of experience in the North Cyprus property market and north Cyprus mortgages, we know that at least half of those buying property in North Cyprus prefer to pay in monthly or quarterly installments for their villa or apartment.   We take you by the hand and lead you step-by-step through the mortgage and payment plan process.

Kyrenia (Girne) - North CyprusUntil recently, north Cyprus bank mortgages for pre-owned “resale” properties were restricted to Turkish Cypriots working in Cyprus.  Overseas visitors buying property in North Cyprus, previously took advantage instead of the non-status payment plans offered by some of 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!

The NCI Mortgage and Payment Plan Advice Service provides the best possible information to those buying 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 installment 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 Mortgage Developer payment plan
Who lends the money for my property? North Cyprus bank Developer 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 available Deed available in some cases.  Usually pending.
How long is the loan period? UP to 10 years, sometimes longer 3-12 years, depending upon developer.
What is the interest rate? Currently 6,45% (January 2019) Ranges from 7.9% – 12%
Are there any interest-free payment periods? There are no interest-free payment periods The installments 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 income Non-status loan
What % cash deposit is required? Maximum 50% of the sale price Ranges from 20% – 55% deposit needed
How long does it take to arrange the property loan? Minimum 3 months Within a month possible
Is there an arrangement fee for the loan? Yes – bank fee added to loan.  £600 fee to legal firm as broker No
Can I pay the loan off early? Yes – no penalty Yes – no penalty
Can I resell the property during the loan period? Yes – no penalty Yes – no penalty
Can I rent out my property during the loan period? Yes – bank approval may be required Yes


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 installment plan.

In order to decide which type of loan is right for you 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.
  • The bank loans qualify for a lower interest rate than those available using a developer loan. (Rates as of early 2018 are 6.45% subject to change).
  • These bank mortgages are subject to status and can take up to 3 months to arrange.

To view a 2 minute video about North Cyprus Bank Mortgages, please visit this link – where the video is linked on the second image.

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

  • All customers qualify for the purchase of a villa or apartments with installment payments
  • These installment 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.

Karpaz 9 - North Cyprus PicturesThe 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 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.