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FINANCING A PROPERTY PURCHASE – YOUR GUIDE IN CYPRUS
A simple to follow mortgage application, following a quick track approval process of 4-5 working days, providing that the banks’ criteria is met.
Pre-Approval takes the stress from the buying process, allowing clients to enjoy finding the property of their choice.
TERMS and CONDITIONS: - Loan amount may be up to 80% of the purchase price, for 1st residence (subject to status) 70% of the purchase price otherwise.
- Loan period may be up to 40 years, subject to age of borrower. Loans must be repaid by the age of 70.
Interest
- Floating Interest Rate Margin 2% for all currencies.
- All major international currencies may be used.
Bank Charges
Repayment Plan
- First 5 years – monthly payments only
- Subsequent 5 years – normal monthly installments
- Remaining years – Monthly installments increased to cover repayment of capital postponed from first 5 years.
Grace Period
- Repayment commences 1 month after the completion of the property with a maximum grace period of 2 years since the first granting of a loan amount, whichever occurs first.
- During the grace period interest will be capitalized and will be covered by the loan installments.
Redemption Penalties
- In case of early settlement there is a penalty of 0.15% on the amount. That’s cyp£150 for every cyp£100,000.
FEES to be paid
- Mortgage fees which amounts to 1% of the mortgage amount.
- Valuation Fees payable directly to the valuers of variable amount.
- The Bank Guarantee 0.25% of the loan amount
- Stamp Duty which is paid on mortgage documentation, amounts to:
- Up to £100,000 - 0.15%
- Over £100,000 - 0.20%. Plus cyp£5 one off payment
Interest Capitalization calculated on a daily basis is payable every six months.
Security
- Mortgage on the property of value equal to 120% of the loan amount or bank guarantee.
- Personal Guarantees if considered necessary
- Assignment of contract of sale.
- N.B. In order to avoid assignment of Policies, the option may be to increase the interest rate by 0.25%
Lefteris Livadhiotis & Sons does not warrant the accuracy or completeness of any information (including text, graphics and renderings) contained on our site, linked sites or forwarded correspondence. Lefteris Livadhiotis & Sons Ltd assumes no liability for inaccuracies, errors or omissions and shall not be liable for any damages arising out of the information contained herein. All dimensions and specifications are approximate. Maps, site plans, floor plans, drawings and elevations are artist renderings and are for informational purposes only. Product availability, prices, site locations, floor plans are subject to change without notice or obligation
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