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Cyprus Housing Loans in Foreign Currencies

The first six years as a full European Union member have seen a comprehensive modernisation of the Cyprus Mortgage Market, with the loans on offer becoming increasingly sophisticated.

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A short Guide to Cyprus Housing Loans

 
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In Cyprus, housing loans made in foreign currencies have been a popular means for investors to finance their purchases with shorter repayment terms, and lower overall interest rates.

The past couple of years' economic slump has, seen the the popularity of these mortgages wane, as quick-flip investments are no longer as easy as they once were.

 

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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.

 

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.

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We make sure you're safe, satisfied and informed.

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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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