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 f up to 70% of the value of the property.

Grace period: If your home:

•  is under construction, you can opt not to pay any instalments until your house is completed (for a maximum period of 2 years) or you can opt to pay interest only for the first 2 years of the loan.
•  is finished, you can opt to pay a low instalment for the first two years, equal to your interest for that period.

Instalment planning: If your loan has a variable interest rate, you can set the level of the instalment and the frequency of instalments 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: 40 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 year, and for a total of 24 times over the course of your loan.

Special Offer: Benefit from a free 1-year subscription to our American Express credit card and special discounts on insurance for your property from General Insurance of Cyprus.