Third "First Home" Housing Loan Package Launched in Northern Cyprus

Starting February 12, the third "First Home" housing loan package is officially available in Northern Cyprus, offering new opportunities for young people looking to become homeowners.

TRNC Prime Minister, Ünal Üstel, announced the launch of the program. This third package is open to Cypriot citizens who do not own any registered property in their name, or in the name of their spouse or children under 18, and whose household income does not exceed 250,000 Turkish liras. The loan can be granted for up to 120 months (10 years), with equal monthly payments. The loan amount will cover up to 80% of the property’s purchase price, but not exceeding 2.2 million Turkish liras.

The loan interest rate will be 1.75% per month and 21% annually. Banks will charge no additional fees or commissions, other than the interest, except for payments to third parties. Those purchasing homes under this loan scheme will also be exempt from taxes and fees typically required during property sales and mortgage registration.

Banks offering the loan include:

• Akfinans Bank Ltd.
• Albank Ltd.
• Asbank Ltd.
• Creditwest Bank Ltd.
• K. Kapital Bank Ltd.
• K. Vakıflar Bankası Ltd.
• K.T. Koop. Merkez Bankası Ltd.
• Limasol Türk Koop. Bankası Ltd.
• Novabank Ltd.
• Şekerbank (Kıbrıs) Ltd.
• T. Halk Bankası A.Ş.
• T.C. Ziraat Bankası A.Ş.
• Türk Bankası Ltd.
• T. İş Bankası A.Ş.
• Yakın Doğu Bank Ltd.

As a reminder, the first "First Home" housing loan package for citizens wishing to purchase property was launched in 2023, followed by the second package in 2024.

Under the first two loan packages, the government has already provided youth loans totaling 705 million liras with favorable low-interest rates over 10 years. To date, 517 citizens have successfully purchased their own homes through the program.