Cyprus Property Loans - General Terms and Conditions
Cyprus Property Loans are available in a multitude
of foreign currencies, such as Pounds Sterling, Yen,
Swiss Franks, US Dollars and others.
Below you will find one bank's general terms and conditions
for loans made in Cyprus Pounds and foreign currencies.
Property
Loans in FCA
- The amount of Cyprus property loan
to be granted to be equal to 80% (Maximum) of total
value of the property to be purchased.
- An arrangement Fee of 1% is to
be charged on the loan amount.
- There are Documentation Fees of
CY£ 40.00
- Stamps (Variable) (approximately
0.15% plus CYP 25.00)
- A Letter of Guarantee Fee of 1%
is chargeable.
- Forward Exchange Rate Deal 0.2%
with a minimum of CY£ 20.00
- The Interest Rate will be equal
to Libor plus a margin at 2.50%
- The Maximum Duration of the Cyprus
property loan shall be 10 years
Property Loans in Cyprus Pounds
- An amount to be granted of the
Cyprus Property Loan to be equal to 80% (Maximum)
of the total value of the property to be purchased.
- An arrangement Fee of 1% is chargeable
on the loan amount.
- There is a Documentation Fee of
CY£ 40.00.
- Stamps (Variable) (approximately
0.15% plus CY£ 25.00)
- There is a Letter of Guarantee
Fee of 1%.
- The Interest Rate to be equal to
the Base Rate plus a margin at 1.75%
- The Maximum Duration of the Cyprus
property loan to be 15 years
|
Client
Requirements
- Copy of Passport
- Personal Details Form (attached)
- Salary Advice or Confirmation of Income
- Copy of a recent utility bill
- Bank Reference
- Contract of Sale
Collateral
- Assignment of Rights of Letter of Guarantee to
be given by the seller.
- Assignment of Rights of Contact of Sale.
- Assignment of Rights of a Life Insurance Policy
to cover the loan amount either of an investment plan or a term
plan.
- Upon transfer of the title deed to the buyer,
the property will be mortgaged in the Bank’s favour at the
Land Registry Office. A Mortgage fee of 1% on the mortgage amount
is payable at Land Registry Office.
Please click below for information on:
|
Sales Contracts and Stamp Duty in Cyprus
Within 60 days of signing the Sales Agreement, it has to be stamped
(stamp duty is calculated at a rate of 0.15% up to CY£100,000
and 0.20% for anything over that) and filed at the Land Registry Office.
The filing of the Agreement at the Land Registry Office is for the
protection of the purchaser’s ownership rights until the title
deeds are issued. The Agreement once filed cannot be withdrawn by anyone
but the owner and therefore the property cannot be leased, sold, transferred
or mortgaged.
Only the purchaser is able to alter this status. Please note that the
filing of the Sales Agreement at the Land
& Registry Office can not be made until the 30% of the sales price
has been paid.
Cyprus Property Loans in Foreign Currencies and Cyprus Pounds
|
Search
for Properties 
