Customized Housing Solutions

Make your dreams come true

If you are dreaming of a permanent or holiday house in Cyprus, we can make your dreams come true. We can design the best housing solution, customized to your needs.

Housing Purpose: You can use the loan to buy a house, land apartment or for home extensions / renovations or even for your business premises.

Loan amount: There is no maximum loan amount.

Contribution: The level of your contribution may vary, as Bank of Cyprus may finance up to 80% if the market value of the property. The pricing of your loan and the required securities will depend on the level of your contribution.

Currency: We can offer housing loans in Cyprus pounds and in all major currencies.

Repayment period: A housing loan in Cyprus pounds may be repaid in a period of up to 25 years and in foreign currency may be repaid in a period of up to 15 years.

Grace period: If you are purchasing a property that is under construction, you have the option to start the repayment of your loan after the construction is completed (maximum period 12 months). During that period, you will only have to pay the accrued interest.

Pricing: The pricing of your 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).

Life insurance: In order to release you and your family of the burden to repay the financing in case of unfortunate events (loss of life, overall disability, etc,) the contracting and granting in favour of the Bank, of a life

Insurance, for an amount at least equal to the value of loan is necessary.

Eurolife, a subsidiary of our Group, is willing to serve you and to offer at very competitive prices all types of insurance coverage.

Other charges: Arrangement fees up to 1% of the loan amount and documentation fess (depending on the required documentation of the loan) will be charged once off.

Application: In order to be able to design together your Customized Housing Solution, please inform us about the:

Housing purpose

Currency of the loan

Loan amount

Value of the property

Loan duration

Grace period

(max 12 months)

Also the following information is required:

1. The enclosed Financial Information form completed.

2. Proof of repayment ability: For companies, audited financial accounts for the last 3 years.

3. Proof of contribution paid or to be paid such as Bank debit advices, copies of cheques issued or copies of Bank statements showing the balance of the account.

4. Copy of 6 months bank statements showing the monthly salary deposited into the account.

5. Verified copy of passport or Cyprus ID.

6. Bank reference from your bankers / Credit Search.

7. Proof of permanent residency.

And if available:

8. Sales Agreement (original duly stamped and signed.)

9. Copy of the title deed and topographical plan of the property to be purchased.

Clarifications

All the facilities are available for people above the age of 18

The mortgage may vary the interest rate and the repayment of your housing loan from time to time.

Loan granting depends very much on the submission of adequate securities by the borrower to the Bank, which however maintains the right to reject any loan application according to its judgement.

Base rate in Cyprus is 4,25 % as at 19/06/06

WARNING: You run the risk of loosing your immovable property if you fail to keep up with the mortgage instalments or instalments of any other loan, which is secured by a mortgage on your immovable property.