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

Trump says protesters would have met ‘vicious dogs’ if White House fence breached

U.S. President Donald Trump on Saturday said demonstrators protesting the death of a black man who died after a white police officer knelt on...

Paphos: Police publish photos of stolen valuables

  Police have found jewellery, watches and other valuables in the possession of a 22 year old and a 15 year old who are under...

Protests flare around the United States over Minneapolis killing

Violent protests flared overnight in several U.S. cities as demonstrators vented their anger over the killing of George Floyd, a black man who died...

Just one new Covid-19 case on Saturday; total at 943

  One person has tested positive for coronavirus from a total of 2061 tests, the Health Ministry said on Saturday, bringing the total since the...

Paphos: 10 hotels to reopen in June

  Ten of the 57 hotels in the Paphos district are expected to reopen in June, the president of the Paphos branch of the Cyprus...

Taste

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...