There are, however, still a few Foreign Currency Mortgage Products available in Cyprus
General Housing Loan Guide
| CURRENCIES |
British Pound, US Dollar,
Swiss Franc, Japanese Yen |
| LOAN AMOUNT |
Minimum amount: the equivalent of €20,000. |
| REPAYMENT PERIOD |
Up to 15 years or until the customer's 70th
birthday |
| REPAYMENT METHOD |
Monthly installments via Standing Order |
| CAPITAL REPAYMENT GRACE PERIOD (optional) |
1,3 or 6 months |
| CUSTOMER CONTRIBUTION |
Minimum contribution 30% of the property's value |
| INTEREST RATE |
Libor/Euribor + 2,50% |
| CHARGES |
→ 0,50% Arrangement fees upon approval of
the loan
→ 0,40% Foreign currency conversion
fees |
| APR (Loan amount $50.000, 15 years
repayment period, assuming Euribor at 0.97%, no
grace period. |
3.47% |
Please note that we have used data from the Bank of Cyprus to compile these figures, and that the information on this page is for guidance purposes only. This data is correct as of the 12th of April 2010.
Please also note that the rates and terms offered by other banks operating within the Cyprus Mortgage market may vary considerably from the figures given herein. |
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Cyprus Home Loans (Bullet Payment)
| CURRENCY |
British Pound, US Dollar,
Swiss Franc, Japanese Yen |
| LOAN AMOUNT |
Minimum amount: The equivalent of €20,000. |
| REPAYMENT PERIOD |
Up to 15 years or until the customer's 70th
birthday. At the end of the 15th year the customer
has the following options:
1. Bullet payment of
the remaining capital
2. Conversion of the
remaining capital as a new loan in Euros |
| REPAYMENT METHOD |
The monthly installment is calculated on the
basis of more than 15 years - up to 25 years |
| CAPITAL REPAYMENT GRACE PERIOD (optional) |
1 , 3 or 6 months |
| CUSTOMER CONTRIBUTION |
Minimum contribution 30% of the property's value. |
| INTEREST RATE |
Libor/Euribor + 2.75% |
| CHARGES |
→ 0,50% Arrangement fees upon approval of
the loan
→ 0,40% Foreign currency conversion
fees |
| APR (Loan amount $50.000, 15 years
repayment period, assuming Euribor at 0.97%, no
grace period. |
3.72% |
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Housing Loans in Foreign Currencies were used to fund Quick Flip Investments in Cyprus
We tell you what others don't...
Quick Flip Investments or Property Flipping, as it is also known, is the approach of buying real estate off-plan, with the express purpose of reselling it either on, or prior to, its completion.
Because the average construction period for an off-plan development is about two years or thereabouts, by which time the property will (hopefully) be sold, these kinds of investments are usually funded through mortgage products with much shorter repayment periods and more favourable interest rates.
During the height of the Cyprus property boom it was a commonplace occurrence for single investors or investment cooperatives to purchase entire off-plan developments through short-term foreign currency mortgages like these, and then sell the individual properties during the project's construction. These days, however, properties in Cyprus tend to be more of a long-term investment, with quick turnaround sales being quite a rarity. Therfore this type of mortgage product has largely fallen out of favour with most investors. |
We don't just want to sell you a property.
We make sure you're safe, satisfied and informed.
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Additional Information
The Aphrodite Website
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Your Saved Properties
Sending Money Abroad
No matter how you end up funding your overseas property purchase or where you end up buying, one thing which stays constant is the need to send money abroad. What many overseas property buyers fail to realize, however, is that getting your High-Street bank to do this for you is far from the most cost effective way.
Indeed, using the services of a Currency Broker to handle your international currency transfers could quite literally save you thousands on your purchase.
Read more...
Disclaimer. Please note that the loans and rates quoted
on this website are displayed as guidelines only. They constitute
neither an offer nor contract, nor part of same. E&OE
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