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Obtaining a loan for the purchase of the real estate in North Cyprus

04 May

In recent years, foreign investors have made up a significant proportion of property buyers in North Cyprus. A citizen of any state can purchase property here if he has a valid foreign passport and the required amount of money. Besides, the government, developers, and banks accompany foreign investors and offer favorable conditions for buying real estate on credit, making real estate in North Cyprus even more affordable and attractive. 

 

Purchase of real estate involves different terms of payment for the transaction. The following options are offered on the primary real estate market: 

  • full payment of the cost of finished real estate;
  • purchase of real estate on credit;
  • progress payments corresponding to the construction phases.

 

In North Cyprus, loans for purchased real estate are provided not by a bank but directly by a developer at an acceptable interest rate.

 

Different organizations have different credit conditions. Besides, they can change significantly during the construction process: the purchase of finished real estate on credit can be very different from the purchase of real estate on credit at the initial stage of construction.

 

To conclude a mortgage agreement, you only need a valid passport. At the first stage of the transaction, personal presence at the negotiations is not necessary; a legal entity with a general power of attorney on your behalf may do so for you.

 

The conditions and schedule of payments for the entire loan term are prescribed in the real estate purchase contract. 

Mortgages are never issued without a pledge. In this case, it is real estate itself.