CYPRUS MORTGAGE LOANS
If you are dreaming of a permanent or holiday home in Cyprus, we can make your dreams come true. We can design the best housing solutions, customized for your needs.
You can use the mortgage loan to buy house in Cyprus, land, apartment or for home extensions / renovations or even for your business premises.
There is no maximum mortgage loan amount.
The level of your contribution may vary and along with the required securities, the pricing of the mortgage loan will be determined. Usually, you may be required to contribute 20-30% of the market value of the Cyprus property but depending on your specific request, this percentage may be lower. For example, if the property that you will purchase is for your own use, as a permanent or holiday residence, then Bank of Cyprus may finance up to 100% of the market value of that property.
We can offer housing loans in Cyprus Pounds and in all major currencies.
As a special product we suggest mortgage loan in EURO, using 6 months Euribor, with no exchange commision.
Mortgage loan in Cyprus Pounds may be repaid in a period of up to 30 years. For housing loan in foreign currency, the repayment period may be up to 15 years and to re-finance the remaining balance of the loan for an additional period of up to 15 years.
If you are purchasing a property that is under construction, you have the option to start the repayment of your mortgage loan after the construction is completed (maximum period 12 months). During that period, you will have to pay the accured interest.
The pricing of your housing loan will depend on the level of your contribution, the securities provided, the housing purpose and the currency of the loan. A margin of 1,75 - 2.50% will apply above base rate (if loan is in Cyprus Pounds) or above LIBOR (if loan is in foreign currency).
In order to release you and your family of the burden to repay financing in case of unfortunate events (loss of life, overall disability, etc), the contracting and granting in favor of the Bank, of a life insurance, for an amount at least equal to the value of mortgage loan, is necessary. EuroLife is willing to serve you and to offer at very competitive prices all types of insurance coverage.
To be through with any contingency that may occur to your property (fire, flood, burglary, etc.), the property must be insured. General Insurance of Cyprus that specializes in general insurances, offers one year free insurance for your property.
DOCUMENTS / INFORMATION REQUIRED
- Photocopy of applicant's passport (the page with the photograph & personal information)
- A Reference Letter from the applicant's Bank abroad
- Evidence of applicant's income (copies of last 3 months salary advices/copy of last year's tax clearance certificate/certificate from employer or accountant confirming annual income/last 3 years' audited accounts etc)
- Copies of Bank statements for the last six months
- Copy of the Sales Contract
- Copies of payments already made by the applicant for the property
- To open and activate an account with a minimum deposit of the equivalent of CYP £ 100,000
In order to establish a mortgage, you will need to complete mortgage application form on our site providing us with enough information to decide whether or not you are likely to be granted a mortgage.
Feel free to print the form and complete it by hand or complete in online.
