Your housing loan (for your holiday house)

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.

Currency: EURO

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. 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.  Ask the Relationship Officers at our Branches to find out more on pricing for fixed interest rate loans.
  • a variable rate for the entire duration of the loan. You can opt for either the Bank’s base rate for housing loans or the Euribor 6-month rate.
  • To learn more about interest rates and charges click here.

Maximum repayment period: 20 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 up to 2 monthly instalments per year, and a total of 24 instalments over the course of your loan.

 

 

CONTACT US 800 00 800 / (+357) 2212 8000 EMAIL US