Mortgages offered by banks in Cyprus

• Contribution by client should be a minimum of 20%

• Interest rate is fluctuating at Euribor/Libor +1.25% (Euribor is currently at 3.21%, Swiss Franc Libor at 1.6% and Cyprus pound Libor at 4.25%).

• For off-plan properties we can give grace period for both capital and interest of up to 24 months or until delivery of property whichever comes first.  In this case interest during the grace period is capitalized on future payments.

• Clients also have the option of up to 24 months capital grace during which they will only be paying interest.

• The duration of the loan can be up to 30 years or 65 years of age, whichever comes first

• Amount:  Unlimited

• Term life assurance – Life assurance is not necessary most of the time but if it is asked then most of the existing overseas life assurance policies may be accepted.

• Arrangement Fees:  0.2% of loan amount

• Early repayment penalty:  0.015% on the outstanding balance.
  
  The above scheme is intended for clients buying a single unit on their names.  If the intention is to buy more than one unit or under a company then these terms may not apply.
  

• Contribution by client should be between 20%-30%.

• Interest rate is fluctuating at Euribor/Libor +1.25% if contribution is at least 30%.  For contribution 20%-30% interest rate is fluctuating at Euribor/Libor +1.50% (Euribor is currently at 3.21%, Swiss Franc Libor at 1.6% and Cyprus pound Libor at 4.25%).

• Clients also have the option of up to 24 months capital grace during which they will only be paying interest.  This is applicable for any property including already built properties and plots.

• The duration of the loan can be up to 40 years or 65 years of age, whichever comes first

• Loan Amount:  Maximum 500,000CYP

• Term life assurance – Term Life assurance for the amount of the loan is necessary but most of the existing overseas life assurance policies are accepted.

• Arrangement Fees:  0.25% of loan amount

• Early repayment penalty:  None