Housing loans for buying property in Cyprus
Provided by Bank of Cyprus - Your housing loan (for your first house)
Acquire a home of your own that you can pay for at your own pace. Our housing loans allow you to make your dreams come true, whether they relate to:
- building your own home
- purchasing an existing house or apartment.
The options and the product features presented below apply to permanent residents of Cyprus only. If you have not been permanently resident in Cyprus for the last 5 years but are interested in housing loans, please call in at any of our Bank of Cyprus branches to find out about the options open to you.
Loan amount: You can obtain a loan for an amount of up to 80% of the value of the property.
Grace period: If your home:
- is under construction, you can opt not to pay any instalments until your house is completed (for a maximum period of 2 years) or you can opt to pay interest only for the first 2 years of the loan.
- is finished, you can opt to pay a low instalment for the first two years, equal to your interest for that period.
Instalment planning: If your loan has a variable interest rate, you can set the level of the instalment and the frequency of instalments based on your repayment capabilities.
Choice of currency: You can opt to take out a loan denominated in euros or another currency.
Interest Rate Type: As far as the interest rate is concerned, you can choose between:
- a fixed interest rate for a period of 3 to 5 years (only available if the loan is euro-denominated). After the fixed period you have selected for the loan ends, the interest rate will revert to a variable rate based on the Bank’s base rate for housing loans or the Euribor 6-month rate.
- a variable rate for the entire duration of the loan. If your loan is euro-denominated, you can opt for either the Bank’s base rate for housing loans or the Euribor 6-month rate. If it is denominated in another currency, the interest rate will be the Libor 6-month rate.
Maximum repayment period: 30 years
Minimum repayment period: 15 years if you opt for a fixed interest rate or 10 years if you opt for a variable rate.
Instalment Postponement: If something unexpected happens, you can always opt to postpone paying your instalment up to twice a year, and for a total of 24 times over the course of your loan.
Special Offer: Benefit from a free 1-year subscription to our American Express credit card and special discounts on insurance for your property from General Insurance of Cyprus.
Green Housing Loan: At Bank of Cyprus we care about the environment and about the people who make green-conscious decisions in their everyday lives. This is why we have created the Green Housing Loan.
If your house or apartment has an energy performance certification of Building Category A, then the initial banking expenses (Arrangement & Documentation fees) will not be paid.
Note: The energy performance certifications of Building Category A and B are the optimum energy categories, meaning less fuel cost and electricity consumption, and reduction of carbon dioxide emission into the atmosphere.
Source: Bank of Cyprus website 12/2014
Please note above terms and conditions may be subject to change by the bank.