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Become an Interest-Free Homeowner Without a Bank Loan

Posted by Admin on June 27, 2024
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How to Buy a House in North Cyprus Without a Loan

Buying a property, either to live in or to invest in, is an investment that makes us feel safe and secure. But is it possible to buy a house without a loan, other than a bank loan with unbearable interest rates? Buying a house in Northern Cyprus is very advantageous in this respect!

Owning a house with a contract is a very common phrase for those living in Northern Cyprus. But for those who haven’t heard of it, or for property investors who want to know more, let’s take a closer look.

Most developers in Northern Cyprus present their new projects to estate agents and potential clients as soon as the preliminary work has been completed. This presentation includes important information such as the project’s features, payment plans and completion date. This stage is called the “launch” stage and the best price for buying a property is offered at this stage. The value of the property then increases at each stage of construction. These stages include: digging the ground, laying the foundations, building the first floor and completing the frame. The answer to the question of how to buy a house in instalments lies in this period. Unfortunately, as instalments are usually paid up until the turnkey handover, it is not possible to find sales with a contract at the finished construction stage.

To buy a home without a bank loan, you will need a document proving your income, a photocopy of your identity card and signed copies of the contract showing the payment terms.

How do I pay?

To buy a house without a loan, you first pay a deposit or “commission” set by the developer, and the chosen property is optioned on your behalf for approximately two weeks. The amount of the deposit and the option period may vary from company to company. During this period you will need to make the first deposit. This is usually between 35% and 50% of the value of the property. If the turnkey delivery is very close, this percentage may increase. This is an easy way to buy a house without a bank loan. The rest of the payment can be made on a monthly or quarterly basis. Some companies may offer deferred payment options after turnkey delivery, while others may offer more flexible payment terms to their buyers.

As property sales and leases in Northern Cyprus are denominated in Sterling, instalments are set in Sterling. Most projects offer an interest-free instalment option, while some may have a negligible amount of interest. Again, this will vary depending on the builder. In this case, the only factor that can be considered a risk to payment terms may be changes in the exchange rate. Sudden changes in exchange rates can have a positive or negative effect on the instalments to be paid.

You can contact us to find out which projects allow you to buy a home in instalments, without the need for a bank loan and with no interest. You can also find answers to your questions such as how to buy a house without interest and how to buy a house without credit.

Long-Term Payment Plans and Let Your Tenant Pay Your Instalments

We have projects in Northern Cyprus that offer long-term payment plans. For example, from a 35% deposit, you can pay 25% until the turnkey handover and pay the balance over up to 120 months. You can also benefit from having your tenant pay your instalments with our projects that offer deferred payment plans even after turnkey delivery. These projects are ideal for both residential and investment purposes.

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