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Mortgage Information

Banks in Cyprus are mostly authorized to offer mortgage facilities to local as well as foreign applicants to assist in the purchase of their property. Our company has come to agreement with local banks favorable terms and conditions and also a standardized mortgage application process to avoid unnecessary paperwork in an attempt to reduce finance costs for its customers as well as to speed up the application process. General Information:

–  The mortgage can be granted in Foreign Currency (e.g. USD,, GBP, CHF Etc) or EURO.
–  For a mortgage in Foreign Currency the maximum repayment period can be 15 years.
–  For a mortgage in EURO the maximum repayment period can be 35 years.
–  In both cases the age of the applicant plus the term of the mortgage cannot exceed the age of 70.
–  The maximum amount borrowed can be up to 80% of the value of the purchased property, (depending on the credit rating of the customer).
–  The mortgage is repaid by monthly or quarterly instalments.

Terms and conditions

Repayments:

For off-plan properties, interest only is payable during construction.
From delivery of the property, or for properties that are complete, normal repayments will then apply

Interest Rate:

Foreign Currency Loans: – 6 months LIBOR plus margin of 3.25%.
Euro Loans: – Banks base rate (currently 5% to 5.25%) plus margin of 3.25%.

Redemption Fees:

6 months interest for full or part early redemption of the loan.

Fees:

0,5% of loan amount one off.
1.2% Land registration fee.
Bank Guarantee Fee: 0,25% of loan amount one off
Tax office Stamp Duty

The Stamp Duty is calculated as follows:

Purchase (Euro) Stamp Duty
Up to 170.000 0.15
Over 100.000 0.20