Insider Business Options for housing loans in Cyprus

Options for housing loans in Cyprus

The island’s credit institutions have very attractive housing loan schemes on offer for young people who want their own roof but don’t have the cash.

However, with the shadow of non-performing loans because of malpractice still hanging over their head, banks are now extremely cautious with lending criteria.  But his does not imply that young people are restricted from getting a housing loan.

INSIDER lists below key housing loan schemes offered by both systemic and non-systemic banks:

Bank of Cyprus

Bank of Cyprus’ financing amount for first home is up to 80% of the value of the property with a fixed interest rate for 3.5 or 10 years. After the end of the fixed interest period, the interest rate changes to variable for the entire duration of the loan.

Maximum repayment period is up to 30 years, while the debtor’s age must not exceed 65 years at loan maturity. Grace period is up to two years.

For the financing of a housing loan of 100,000 Euros, the interest rate is 2.35% and 2.45% and a repayment period up to 20 years depending on the amount and frequency of the instalment.

Hellenic Bank

Hellenic Bank offers a housing loan scheme with a minimum down payment of 30%, a maximum duration of 30 years and a total interest rate of 1.91% for a loan of 100,000 Euros.

Another housing loan for the same amount of money has the interest rate at 1.65% over the first three years, while maximum repayment is also 30 years and minimum down payment is at 30% of the loan.

Alpha Bank

Alpha Bank’s housing loan amount covers up to 75% of the property’s purchase value for first main residence.

The repayment is through equal monthly instalments with maximum duration up to 40 years, including grace period of up to two years.

At loan maturity the debtor’s age must not exceed 70 years. As an example given, for a 100,000 euro loan the total interest rate is 1.96%.

AstroBank

AstroBank offers a mortgage loan starting from 20,000 Euros with mortgage on the immovable property under consideration as security, along with Fire and earthquake insurance as well as Life insurance and personal guarantee.

Repayment is with a loan term up to 40 years, but in any event the debtor cannot exceed the age of 70 at loan maturity.

As from November 2017, the bank reduced base interest rate from 2.4% to 2%.

Eurobank

Eurobank offers housing plans starting from 10,000 euros and with repayment duration based on the instalment the borrower can pay each month and the type of interest rate on the loan.

The debtor cannot exceed the age of 75 at loan maturity.

For a 100,000 euros mortgage loan with 30 years repayment, the interest rate is fixed over the first year, ranging between 4.9% and 5.5%, while for the remaining years the interest rate ranges between 3.2% and 3.8%.

Ancoria

Ancoria Bank offers home schemes for up to 60% of the estimated value of the property. For a loan amount up to €300,000, the interest rate is 1.99% and with a repayment period of 35 years.

Debtor’s age must not exceed 65 years at loan maturity.

Housing Finance Corporation (HFC) 

HFC offers long-term housing loans up to €450,000 for the purchase or construction of a property with a repayment period up to 40 years.

For renovation works and energy efficiency improvements to homes, there are loans up to 100,000 Euros and a repayment period up to 15 years.

And for the purchase of a residential plot, there are loans up to 300,000 Euros and a repayment period up to 30 years.

 

Read more:

https://in-cyprus.com/housing-loans-rates-decline-to-a-new-low/

 

 

Top Stories

181 new cases of COVID-19 on Tuesday

The Health Ministry announced 181 new COVID-19 cases on 27 October, out of 3,589 laboratory tests, taking confirmed infections to 3,817. The break-down of new...

President Anastasiades and Turkish Cypriot leader to hold first informal meeting next Tuesday

President of the Republic of Cyprus Nicos Anastasiades and Turkish Cypriot leader Ersin Tatar will hold their first informal meeting on the 3rd of...

FM: Turkey’s actions not conducive to Guterres’ efforts over Cyprus

Cyprus’ Foreign Minister Nikos Christodoulides said on Tuesday that Turkey’s illegal actions undermine peace and stability in the region and are not conducive to...

State Health Services Organization confirms hiring of nurses

The State Health Services Organization confirmed today to the nurses’ trade unions that the decision for the hiring of new nurses to man Hospitals...

200,000 rapid COVID-19 tests ordered

The Health Ministry announced that 200,000 antigen rapid COVID-19 tests have been ordered within the framework of the measures taken to manage the new...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...