The My First Home Loan package, designed to help young people in the Turkish Republic of Northern Cyprus (TRNC) become homeowners, has been officially launched. With applications open, this credit package offers long-term, fixed-interest home financing for eligible applicants.

Who Can Apply?

To qualify for the My First Home Loan, applicants must meet the following criteria:
✅ Must not own a home registered under their name, their spouse, or children under 18.
✅ Must not have transferred home ownership since July 24, 2022.
✅ Household income must not exceed 250,000 TL per month (net).
✅ Must be a TRNC citizen, over 18 years old, and residing in TRNC.
✅ Must have an active registration in Social Security or Public Sector Retirement Fund and have paid premiums for at least 6 months before application.

Loan Terms & Repayment

???? Maximum Loan Amount: 2,200,000 TL
???? Financing Limit: Up to 80% of property value
???? Interest Rate: 1.75% monthly, 21% annually (fixed)
???? Repayment Term: Up to 120 months (10 years) with equal monthly installments
???? Estimated Monthly Installment: 45,000 TL

Who Cannot Apply?

❌ Applicants or guarantors with overdue debts at banks
❌ Those under check ban
❌ Those purchasing a home from first or second-degree relatives
❌ Those building a house on their land (only applies to purchasing new homes)
❌ Homes purchased with this loan cannot be sold until the debt is fully paid

Approved Banks for Applications

Eligible applicants can apply through the following banks:

???? Akfinans Bank Ltd. | Albank Ltd. | Asbank Ltd. | Creditwest Bank Ltd. | K. Kapital Bank Ltd. | K. Vakıflar Bankası Ltd. | KT Coop. Central Bank Ltd. | Limasol Turkish Coop. Bank Ltd. | Novabank Ltd. | Şekerbank (Cyprus) Ltd. | T. Halk Bankası A.Ş. | TC Ziraat Bankası A.Ş. | Türk Bankası Ltd. | T. İş Bankası A.Ş. | Yakın Doğu Bank Ltd.

Real Estate Agents Issue Warnings

???? Beware of price hikes – Some property owners have increased prices after the loan package announcement. Ensure title deed evaluations are verified with the Land Registry Office.
???? Do not pay upfront – Avoid paying any deposit before confirming the title deed search document and tax clearance papers.
???? Avoid overpriced properties – Experts advise against overpaying for older apartments (15-30 years old).
???? Check earthquake safety – Always request an earthquake approval test report before purchasing.
???? Stay away from opportunists – Some sellers inflate prices, taking advantage of the loan package.

Government’s Commitment to Housing Accessibility

The My First Home Loan initiative is part of the government’s broader housing policy, aiming to help more citizens become homeowners while preventing speculative practices in the real estate market.