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İktisatbank Konut Kredisi

Owning a Home Is No Longer a Dream with an İktisatbank Property Loan

Become a homeowner with payments like rent. With an İktisatbank Property Loan, you can own your dream home in the TRNC with attractive interest rates and flexible repayment options. Choose the most suitable option from our advantageous Property Loan packages and easily make your dream home a reality.

When you take out a Property Loan from İktisatbank, you can plan your repayments according to your budget. The instalment option you choose remains unchanged until the end of the term and is unaffected by fluctuations in market interest rates. Even if your income increases only in line with inflation from year to year, your repayments decrease in proportion to your income.

İktisatbank Property Loan Packages for Owning a Home in North Cyprus

By paying part of the loan interest in advance as upfront interest, you can reduce both your loan interest rate and monthly instalments. With the Upfront Interest Loan option, you decide your interest rate.

Advantages of the Upfront Interest Loan:

  • Upfront Interest: Between 1% and 5% of the loan amount.
  • Flexible Interest Rate: Your loan interest rate changes according to the amount of upfront interest you pay.
  • You Set the Loan Interest Rate: You determine your interest rate by choosing the amount of upfront interest you will pay.
  • Fixed Interest Rate: Your interest rate remains fixed throughout the term.
  • Fixed Instalment: Your monthly repayment amount does not change.

This flexible Property Loan option allows you to defer your first repayment by 3 months when the loan is opened or, for a Property Loan with a term longer than 12 months, to defer one instalment per year.

Advantages of the Deferred Instalment Property Loan:

  • Fixed Interest: Your interest rate does not change throughout the loan term.
  • Fair Instalment Distribution: The deferred instalment is distributed equally across the remaining repayments, so your instalments gradually increase towards the end of the term.
  • You Choose the Deferral Date: You decide when to use the deferral.
  • Take Advantage of Opportunities: You can become a homeowner without waiting for your income to increase.
  • Flexibility for Emergencies: You can use the instalment deferral feature when you need to make an urgent, unplanned payment.

You can transfer a Property Loan taken out with another bank to İktisatbank by using an İktisatbank Property Loan with a more attractive interest rate.

Advantages of the Property Loan Transfer:

  • Fixed Interest: Your interest rate does not change throughout the loan term.
  • More Attractive Interest Rate: You can transfer your loan to İktisatbank at an interest rate more attractive than the rate offered by the institution where you took out your original loan.

This Property Loan option brings advantages together by offering a 5% discount on all fees payable to our bank when you use the loan.

Advantages of the All-Inclusive Property Loan:

  • Fixed Interest: Your interest rate does not change throughout the loan term.
  • Insurance: Fire and home insurance for the property financed by the loan must be arranged through İktisat Insurance.
  • Commission-Free Overdraft Account: At your request, a commission-free Overdraft Account with a limit equal to your loan instalment may be opened for you.

Option to Reduce Your Instalment Payments:

When you make a lump-sum payment above your instalment amount, the excess is deducted from the principal. If you have additional income or receive regular extra income such as bonuses, premiums or allowances, you can make interim payments in the 3rd and 6th months to reduce your loan instalments and gain an interest advantage. What is more, these payments are commission-free.

Advantages of the Option to Reduce Your Instalment Payments:

  • Fixed Interest: Your interest rate does not change throughout the loan term.
  • Two Additional Payments per Year: Starting three months after using the loan, you can make two additional payments each year.
  • Commission-Free Interim Payments: You do not pay any commission on interim payments.
  • Lower Interest Advantage: By making interim payments, you reduce your loan instalments and pay less interest as a result.

Option to Shorten the Term by Increasing Instalment Payments:

Do not wait for your income to increase before buying a home. As your income increases, you can increase your loan instalments and repay your loan sooner.

Advantages of the Option to Shorten the Term by Increasing Instalment Payments:

  • Fixed Interest: Your interest rate does not change throughout the loan term.
  • Graduated Increase: Your repayments gradually increase towards the end of the term.
  • You Choose the Increase Period: You determine when and by how much your instalments will increase.
  • Do Not Miss Opportunities: You can take advantage of home-buying opportunities without waiting for your income to increase.

Property Loan Application Steps

  • Calculate your instalment. Use our Loan Calculator to see your monthly instalment based on the amount and term you need.
  • Submit your application. Complete the Loan Application Form on our website or visit your nearest İktisatbank branch.
  • Complete your documents. Our customer representative will contact you and guide you through the required steps.

Before applying, visit our Loan Interest Rates page for the latest rates.
For detailed information, call Telephone Banking on +90(392)444-4444.

Property Loan Calculation Details

  • A one-off loan allocation fee is charged when the loan is issued. This fee is calculated as 2% of the loan amount, plus 3% Banking and Insurance Transactions Tax on the fee.
  • Stamp duty of 0.5% is charged on the total loan amount stated in the loan agreement.
  • Insurance premiums are not included in annual percentage rate calculations. If insurance is arranged, the annual percentage rate including insurance will be stated in the Consumer Loans Preliminary Information Form provided before the loan is issued.
  • The instalment amount includes interest, principal and taxes. A 3% Banking and Insurance Transactions Tax is charged on the interest amount.
  • The Bank reserves the right to assess the loan application and change the interest rate.
  • The fee for establishing a pledge over movable or immovable property is TL 200, including tax.
  • The valuation fee varies according to the location and size of the property. The annual percentage rate including the valuation fee will be stated in the pre-contractual information form provided before the loan is issued.
  • If compulsory earthquake insurance and home insurance are arranged, the insurance premium will vary according to the property valuation report. These costs will be added to the annual percentage rate and stated in the pre-contractual information form provided before the loan is issued.

All personal banking customers may use our Property Loans to purchase homes with Turkish title deeds or equivalent title deeds. Property Loans are available in Turkish lira or foreign currency.

Frequently Asked Questions About Property Loans

Anyone aged 18 or over who can provide proof of income and resides in the TRNC may apply.
  • Identity card or passport.
  • TRNC residence certificate or a water/electricity bill in your name.
  • Proof of income, such as a salary slip.
  • Title deed for the property.
You can use a Property Loan from Kıbrıs İktisat Bankası Ltd. with repayment terms of up to 120 months.
You can use your preferred loan amount in Turkish Lira (TL), US Dollars (USD), Pound Sterling (GBP) or Euro (EUR).
  • through Internet Banking or Mobile Banking,
  • through our ATMs located across all regions of North Cyprus, or
  • by visiting your nearest İktisatbank branch.

You can make your Property Loan repayments using any of these channels.

Customers who want their instalments to be paid automatically on the due date can set up a standing payment instruction from their account at a branch.