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Obtaining loan peculiarities for Northern Cyprus non-residents

31 July

Obtaining loan peculiarities for Northern Cyprus non-residents

If we didn’t know, we wouldn’t believe it.

It would be wonderful if other countries provided loans to foreigners on the same terms.

Property in North Cyprus is very popular with foreigners. Not only living conditions seem attractive, but also a loan obtaining ease. There is no need to provide that huge amount of papers, to which we are accustomed to at home. Here they willingly meet buyers halfway, and getting a loan is not difficult. It is enough to have a valid passport.

However, banks divide borrowers into the country residents and non-residents. Accordingly, the conditions for issuing loans differ. We will tell you more about the conditions for obtaining a loan by non-residents.

Basic conditions for obtaining a loan

Residents are Cypriots and people who have lived on the island for at least five years. Local banks do not lend to foreigners. A great convenience is that the developer himself provides a loan for the housing purchase. At the same time, developers and real estate companies such as Prime Pro Investment are trying to make it as easy as possible for buyers to get a loan.  Often they provide full support, starting from the most profitable options selection and ending with the moment the application is approved. An approach to each client is practiced, and all controversial issues are discussed separately.

The conditions for issuing a loan from a developer are as follows:

  • Real estate discounts flexible system and a bonuses number. Conditions differ from company to company.
  • Making a down payment. This is a prerequisite that almost all local construction companies adhere to. The first payment can vary from 10 to 60% of the apartment total amount. Usually, the keys are handed over after the first payment.
  • Minimum lending rate. The higher the initial payment and loan terms up to 5 years, the lower the loan rate will be: up to 6%.
  • The loan debt can be repaid in advance. It is only necessary to notify the construction company for the calculation’s final reconciliation. There are no penalties.
  • The lowest prices at the construction start. The housing cost grows in proportion to the object delivery time. Accordingly, the loan amount for finished apartments will be higher. But on the other hand, housing that has already been put into operation often includes a fine finish along with a built-in kitchen and sanitary ware. And for a small surcharge, you can get an apartment with furniture and air conditioning.
  • A loan for secondary real estate is issued at the bank. In this case, approximately the same conditions apply to obtain a loan from a developer. It will be necessary to make a down payment and prove your solvency. In accordance with this, the bank needs proof that the potential buyer has a sufficient amount in the account for monthly payments on the loan. It is desirable to have an amount of at least 30% of the housing total cost.

The company Prime Pro Investment will help you to profitably buy an apartment or house in Northern Cyprus.  We will select a suitable object and provide professional legal support. We will show you how to get a loan on the most favourable terms for you. Want to find out more? For more information, call the phones listed on the site.