Payment Plans and Mortgages for Everyone It is so easy and straight forward because in Northern Cyprus, you obtain the loan directly from the construction company, not from a bank. While banks seek to receive profit from the loan, construction companies have different goals. They issue loans in order to induce buying and receive initial funds for off-plan projects simultaneously. In other words, they want you to buy the property. Therefore, there are plenty of loan schemes that suit various buyer needs. Here is the best part, construction companies in Northern Cyprus are always ready to negotiate individual payment plan conditions.
Why it is so easy? If you choose not to reside in Northern Cyprus, you can hire a property management company. They will take care of your property and rent it out when you are away from the island. The rent generated by your property for several months per year may actually cover your annual mortgage cost. Property investments in Northern Cyprus are a good deal! The Northern Cyprus property market is characterized by significant price growth and huge diversity of objects. Initially, you will have to make a down payment of 25-30% of property price at the time of sale. The balance will be paid via equal instalments according to a comfortable payment plan, negotiated with the construction company. Generally, this sort of instalment payment plan is usually fir about 6 to 36 months. An interest-free instalment payment plan essentially means that you pay for your home without have to make a significant bulk payment and you don’t pay a cent above the sales price of the property. Paying for property on instalment basis. Some construction companies provide alternative payment plans for customers buying off-plan property. The main distinction of this type of payment plans is that you pay a specified part of property price at the beginning or end of each construction phase. For example, this ready to move Studio flat provides the following payment scheme: * 1000 £/$/€ for reservation the object * 25% down payment at the time of sale and key delivery * Remaining balance within 2 years installments without interest Or 5 years mortgage 9.2% per year
Paying for property on instalment basis As you can see, paying for property in Northern Cyprus is simple and straightforward. In addition, you can always track the progress of construction via Skype or by visiting Northern Cyprus.The normal period for a mortgage in Northern Cyprus is about 3 to 10 years. However, you can repay it faster than it is specified in the contract. You will not be penalised for full payment before the term is met. You can obtain a mortgage for existing property or invest in an off-plan construction project. Some construction companies may postpone loan payments until the project is finished. One more pleasant bonus is opportunity to rent out, sell and control the property according to your wishes even before the loan is fully paid off. Sometimes, you can find exceptional mortgage offers, such as on this Projects. Payment Plan is as follows: * 25% down payment at the time of sale * No payments till the end of construction. The rest is paid for up to 10 years after delivery with only 7% annual interest + Two years after delivery you are entitled with 15% rental guarantee (7.5% annually), calculated as of property price at the date ofcompletion. This property is expected to increase in price by around 20% at the time of completion. It means that your rental guarantee will cover your mortgage payments. In other words, you start earning on your apartment as soon as it is completed.