Mortgages in the Republic of Cyprus
Foreigners can obtain mortgages in Cyprus, where such loans are granted
As a rule, rates are floating. Banks are most likely to grant loans for properties ranging from €150,000 to €1M in value.
Maximum LTV ratio | |
Minimum loan amount | €75,000 |
Maximum loan amount | |
Floating rates | |
Loan term | 10 to 40 years |
Minimum age of borrower | 18 |
Maximum age of borrower by the end of the loan term | 65 |
Maximum percentage of monthly income for mortgage | 33% |
Documents
Mortgage applications in Cyprus require the following documents:
- passport
filled-in personal information questionnaire- proof of income: personal income tax form, proof of employment, bank statement, information on additional sources of income
- data of previous loans
- property sales agreement
- property valuation report
Banks may request additional information at their discretion.
Loan applications usually take
Extra costs
Property appraisal and Due Diligence | |
Paperwork expenses | |
Mortgage arrangement fee | 1% of the loan amount |
Compulsory property insurance against fire and earthquakes | |
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