North Cyprus Property Mortgages and Payment Plans Updated, February 2024.
NCI (North Cyprus International) has long been the estate agency of choice for property buyers seeking mortgages and developer payment plans for North Cyprus properties over up to 10 years.
We, at NCI we understand that you may not have 100% of the capital cost of the property available.
The situation in North Cyprus in 2024 is that bank mortgages are not a realistic route for overseas buyers, due to the long time it currently takes for TRNC banks to release the funds (read more below on Mortgages). Bank Mortgages may be more realistic for Turkish Cypriot Kimlik Card Holders.
Our North Cyprus International property advisors will give you realistic advice. If you are seeking a property with a mortgage or payment plan, do give us a call on +44 207 112 8086 or +90 548 861 0600.
Property Loan or Payment Plan options in 2024
In 2024, overseas buyers who are not cash buyers have two realistic choices for purchasing North Cyprus villas and apartments:
OPTION 1 – North Cyprus Short Term Private Property Loan – we may be able to help with a private loan for completed properties.
- These are only up to 5 years on 50% of the value.
- Private Loans are only available for the key ready properties holding and individual (not shared) deed.
- The interest rates will be high, in keeping with the Turkish bank rates.
- Please note – these funds can be released more quickly via a rapid Trust purchase route
OPTION 2 – North Cyprus Developer Loan or Installment Plan – A developer loan/installment plan can be arranged on selected new-build or under construction properties over up to 10 years. (These are rarely available on key ready properties as the sites tend to sell out before completion). NCI are agents for all of the best developers with installment plans in North Cyprus. We are also well placed to negotiate discounts with these developers.
Features:
- 0% interest over the build period or
- Some companies offer low interest rates over up to 10 years.
- You will need between 30-50% of the sale price as first payment.
CLICK HERE for details of all our developer payment plan/installment plan options.
Please complete our PROPERTY QUESTIONNAIRE and we will send you details of the loan or plan which is most suitable for you.
Please contact us for further details about any of these options or for further information of the rapid * Trust purchase route.
North Cyprus Bank Mortgages for overseas buyers
Since around 2018, some North Cyprus banks (and North Cyprus branches of Turkish banks) have offered overseas buyers the chance to apply for a 50% bank mortgage – similar to locations like Spain or France – on privately owned, key ready properties.
However, in 2022-3 there was a post-covid property boom with cash buyers lining up to buy key ready properties. Therefore most private sellers will understandably select a cash buyer, rather than wait up to a year for the bank to release funds to an overseas mortgage applicant.
In 2024 we are not therefore recommending a bank mortgage as a practical route for an overseas buyer to purchase a North Cyprus home. The interest rates are also very high, in line with Turkish banks. We are hopeful that in the future, this will once again become a realistic route for overseas buyers of a key ready home. Meanwhile, it’s more practical to raise funds in the buyer’s home country where interest rates are lower, and to compete in the TRNC market as a cash buyer.
North Cyprus Bank Mortgages for Turkish Cypriot Kimlik Card holders
Turkish Cypriot nationals with Kimlik Cards may find it easier to buy with a bank mortgage as the funds are released much sooner and banks may be more willing to lend to those with local guarantors. We suggest you contact your local bank to discuss.
Our NCI advisors are available at all times to advise you on the best route for your property purchase.
