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 the following amounts:
- 70% of the value of the plot of land, if the plot is within a residential area. The loan can be for amounts of up to € 300,000 if you intend to build a home on the land within the next 2 years.
- 50% of the value of the land if the plot is within a residential area, and the amount is over € 300,000.
- 50% of the value of the land, if you are purchasing the land for investment purposes.
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 if the loan is for investment purposes.
- 40 years if the loan is not for investment purposes.
Minimum repayment period: 15 years if you opt for a fixed interest rate or 10 years if you opt for a variable rate.