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Help info on raising funds to purchase property

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» Property Buying Procedure in North Cyprus

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helper


Joined: 16/01/2009
Posts: 235

Message Posted:
13/01/2010 15:41

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Message 1 of 7 in Discussion

Hi all, can any one tell me the 'rules' regarding mortgages/loans to buy property. We wish to borrow 25,000. I have seen some figures stating 50% others 70% of house price can be loaned. I am unsure if i borrow 25,000 then how much would house price be in total, to be eligible for a 25,000 loan. My partner is turk/cypriot resident and he would apply for finance. Also read that figure worked out on 2.5 X yearly income, therefore am i correct in saying that to lend 60,000 tl or 25,000 your wages would be 24,000 tl p/a minimum. Also any info on best place to apply for finance would be great. Many thanks



cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
13/01/2010 16:46

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Message 2 of 7 in Discussion

Do not where to get loan by I would keep well away given the rate of interest that would be on offer.



Fot a loan you are probably looking in excess of 15%.



No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
13/01/2010 16:55

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Message 3 of 7 in Discussion

helper. If you could borrow 25,000 which in turn was 70% of the property value then the property value would be 35714.



No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
13/01/2010 16:57

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Message 4 of 7 in Discussion

Helper. If you could borrow 2.5 times your yearly income, then assuming you want to borrow 25,000 your income would need to be 10,000



rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
13/01/2010 17:19

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Message 5 of 7 in Discussion

i think those deals are only available over a 5 year period , so you would need to be earning substantially more than 10k.



scruff


Joined: 15/07/2008
Posts: 1070

Message Posted:
13/01/2010 17:30

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Message 6 of 7 in Discussion

Surely the first port of call should at a TRNC bank. They should be able to answer your questions?

You would have no obligation by just asking. Have you not got a bank account in the TRNC?



helper


Joined: 16/01/2009
Posts: 235

Message Posted:
13/01/2010 19:18

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Message 7 of 7 in Discussion

Many thanks for all your help and information. Been advised to try Turk Bankasi, will try them first. cheers everyone



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