Mortgages in Cyprus are provided by the major banks will be secured only against the property in Cyprus and needs no further security. Mortgages are generally subject to the conditions below but please refer to the bank of your choice for your specific requirements.

Loan Amounts

Cypriot banks will happily offer a mortgage of up to 70% of the purchase price of the property, though 50% and 60% mortgages are standard. An application for a 50% mortgage can be extended to incorporate the additional costs of the purchase.

The mortgage interest rate at present is a variable rate, fixed for first year. Repayment periods can be selected between 5 and 20 years as standard. The upper age limit for the mortgage is 65 years. Which means the repayment period will be calculated for the mortgage to be fully repaid by the borrower’s 65th birthday. Mortgages can be registered in the name of a son or daughter if the parent’s age prohibits them from having a mortgage. The property should also be registered in this name.

Documents required

The bank needs to see evidence of annual income on a tax statement or equivalent from the Inland Revenue and monthly proof of income. A spouse’s income details are always required, even if they will not be the principle name on the mortgage. Income is always gauged as a household income. Photocopies of the applicant’s passport should also be provided. For self employed applicants:
it is advisable to have the last tax statement received and accounts for the last 2 years.

Bank Contacts

Below are some of the banks used by A. Chacholis Developers Ltd., where we can assist you in obtaining an early decision.