HOUSING PLANS IN CYPRUS TODAY
PLANS OFFERED BY BANK OF CYPRUS
Loan Amount:
Can be up to €300.000 with a 20% deposit from the applicant. They offer a 2 year period of grace for developments under construction.
FIRST HOUSE
The real cost (A.P.R) of a loan for your first house is 3,3%.
The Annual Percentage Rate (A.P.R) was calculated on 15/09/2009 for a €100.000 loan of a 40 years repayment period with Fixed Interest rate 1.95% for two years and Euribor 6month (1,046%) + Margin 2.45% for the remaining period. Arrangement fees 0.50% + Documentation fees € 50.
HOLIDAY HOUSE
The real cost (A.P.R) of a loan for a country house is 3,6%.
The Annual Percentage Rate (A.P.R) was calculated on 15/09/2009 for a €100.000 loan of a 40 years repayment period with Fixed Interest rate 2.35% for two years and Euribor 6month (1,046%) + Margin 2.75% for the remaining period. Arrangement fees 0.50% + Documentation fees € 50.
NON RESIDENTS
All non residents who are considering buying property in Cyprus are welcomed to Bank of Cyprus' countrywide branch network for further information.
OTHER CURRENCIES
Variable interest rate for the whole period
Financing Terms
Loan installment amount - designed according to the client's needs. You can also suspend your monthly installment twice a year, up to 24 times during your entire loan scheme. You just need let to inform the bank of your intention to suspend your installment in due time.
- Grace period - depending on the type of loan, either a 12 or 24 month grace period can be offered, during which time only the interest is paid.
- Security required
- Bank guarantee (where applicable)
- Bank mortgage fees
- Documentation fee - minimum € 35 and maximum € 512.58
- Arrangement fees - minimum of 0.55% and maximum of 1,50% of the amount of the loan amount.
- Valuation expenses - will be borne by the customer
Necessary documents / information requested by the bank:
Completed application
Financial details:
- Copy of deposit receipt from seller
- Activation of an account held with the lending bank
- Copies of pay slips for the last 3 months
- Copy of tax return for the last year
- Bank statement for the last 3 months showing movement of the account
- Bank references
- Sales Contract - signed stamped and deposited at the Land Registry Office
- Copy of title deeds and architectural plans
- Fire & burglary insurance for property
- Life insurance of the client
Loans are also offered in foreign currencies with varying terms and conditions.
Once all the required documents are provided, approval usually takes 1 week.
PLANS OFFERED BY HOUSING FINANCE CORPORATE
The housing plan below applies to couples acquiring their first permanent residence in Cyprus or European citizens who live permanently in Cyprus for the last five years.
Loan Amount & Repayment Period:
Can be up to €200.000 and can consist up to 75% of the purchase price of the villa/ apartment and up to 5 times the yearly income of the buyers. The repayment period can be up to 30 years.
Interest rate:
Beneficiaries will enjoy a 0% interest rate for the first 2 years and the current interest rate, which is 5,25% for the rest of the loan period, which applies for low-income family loans by the Housing Finance Corporate (Οργανισμός Χρηματοδοτήσεως Στέγης).