Your housing loan
The options and the product features presented below apply to permanent residents of Cyprus only. If you have not been permanently resident in Cyprus for the last 5 years but are interested in housing loans, please call in at any of our Bank of Cyprus branches to find out about the options open to you.
Loan amount: You can obtain a loan for an amount of up to 60% of the value of the property.
Grace period: You can opt to pay a low instalment for the first two years, equal to your interest for that period.
Instalment planning: You can set the level of the instalment and the frequency of payment based on your repayment capabilities.
Choice of currency: You can opt to take out a loan denominated in euros or another currency.
Interest Rate Type: As far as the interest rate is concerned, you can choose between:
- a fixed interest rate for a period of 3 to 5 years (only available if the loan is euro-denominated). After the fixed period you have selected for the loan ends, the interest rate will revert to a variable rate based on the Bank’s base rate for housing loans or the Euribor 6-month rate.
- a variable rate for the entire duration of the loan. If your loan is euro-denominated, you can opt for either the Bank’s base rate for housing loans or the Euribor 6-month rate. If it is denominated in another currency, the interest rate will be the Libor 6-month rate.
- To learn more about interest rates and charges click here.
Maximum repayment period: 15 years
Minimum repayment period: 15 years if you opt for a fixed interest rate or 10 years if you opt for a variable rate.
Instalment Postponement: If something unexpected happens, you can always opt to postpone paying your instalment up to twice a yearand for a total of 24 times over the course of your loan.