Northern Cyprus to Offer Low-Interest Loans for First-Time Homebuyers
Northern Cypriot Prime Minister Ünal Üstel announced that a new loan program, called “my first home loan,” will be available for young people looking to purchase a home for the first time. The loans will have a monthly interest rate of only 1%, with up to 1.2 million Turkish lira in financing available. The loans will have a 10-year term and be available to individuals with a household income of less than 85,000 TL. The government is implementing this loan program as part of its new initiative to serve the public.
In addition to the “my first home loan” program, Northern Cyprus will support enterprises operating in the agriculture, livestock, forestry, beekeeping, fisheries, and manufacturing sectors with up to 10 employees. This support includes insurance premium subsidies, which will be available until the end of 2023. The government estimates that more than 7,000 people will qualify for this support.
The Northern Cypriot government will also offer low-interest loans of up to 150,000 TL to small business owners, Agro-Livestock, and farming businesses. Another program will provide a low-interest loan called “earthquake-resistant houses loan” of up to 1.2 million TL for people who need to rebuild and replace their home because of insufficient earthquake resistance.
Northern Cypriot Prime Minister Üstel emphasized that his government has already passed 65 laws during its first year of operation. The government has also brought forward nearly 80 new laws in the Assembly. North Cyprus also ensures that public employees do not lose their purchasing power by passing measures that make it possible to support insurance premiums, and it ensured that employers retained employees and protected private sector employment.
The Northern Cypriot government will also look to employ 50 people with disabilities within the state before the end of 2021.