02 September 2010
Most commercial banks in Cyprus are authorized to offer mortgage facilities to local as well as foreign applicants to assist in the purchase of their property.
Cyprus Property select, taking advantage of its strong relationships with most of the local banks, and in an attempt to reduce finance costs for its customers as well as to speed up the application process, has managed to set up special finance schemes which are on offer for all our customers.
» The mortgage can be granted in Foreign Currency (e.g. USD, EUR, GBP, CHF Etc) or in Cyprus Pounds.
» For a mortgage in Foreign Currency the maximum repayment period can be 15 years.
» For a mortgage in Cyprus Pounds the maximum repayment period can be 25 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 70% of the value of the purchased property. In exceptional cases and especially for first time buyers the amount 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.
» For the majority of our projects our reputable developers have managed to set up finance schemes with local banks with minimal security requirements resulting in substantially lower costs.
» Assignment of the Purchaser’s rights deriving from the Contract of Sale in favour of the Bank.
» In certain cases a corporate guarantee is provided by the developers to the banks as a security to the clients’ mortgages.
Documents/Information required by the banks:
- Customer’s profile (Personal details, occupation-duration of your employment contract if any with your current employers).
- Passport copies (the page with the photograph & personal information).
- Statement of existing debt (if any).
- A reference Letter from the Bank you maintain an a/c with.
- Completion of the Declaration of Personal Income form.
- Evidence of income either pay slip or confirmation of remuneration from your employer, or P60 or business accounts.
- Purchase agreement.
- Copies of bank statements for the last three months.
- Copies of payments already made by the applicant for the property.
- To open and activate an account with the bank.