When buying a real estate with a loan as a payment plan, it is important to understand your financial standing.
As the loans are given by the financial department within the structure of the property developer, you will neither need to have an income statement of your finances nor guarantor.
Such payment plan option has a number of advantages and also saves time and money for the buyer:
- Loan approval within an hour
- No need for income statement and/or guarantor
- No commission for keeping the loan/credit records
- No commission paid upon the approval of the loan
- No mandatory insurance
- No annuity payments
- Low interest rate on unconfirmed income
The interest rate on a loan in North Cyprus varies between 7% and 9% depending on the property selected.
Early payment of the loan are welcomed and motivated, as the companies are not profiting from the interest, but more interested in the sales and construction of the properties.
You can opt from monthly or quarterly payment or close your bank payment at any period convenient to you without any penalty.
When you purchase property using a loan as a payment plan option, you will get the keys to your property once the first payment, stated in the contract of sales is completed. The property will be at your disposal, you can live there or rent it out.
You will also be able to obtain a living permit, that will enable you to stay permanently in the country.