Your housing loan for renovation

With the Housing Loan for Renovation you can either renovate your own home or holiday home.

 For the renovation of your property you have to provide the Bank with all necessary architectural plans and certificates

Your options

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 80% of the value of the property if you are renovating you own home.  For the renovation of your holiday home, the loan amount can be up to 70% of the value of the property.

Grace period: You can pay a lower instalment for the first year of the loan, equal to the interest for the period.

Currency: Euro

Interest Rate Type: As far as the interest rate is concerned, you can choose between:

  • Variable interest rate based on the Bank’s base rate for housing loans (BHR) or the Euribor 6-month rate. 
  • Variable interest rate based on Euribor 6-month rate. 
  • To learn more about interest rates click here.

Maximum repayment period:

  • 15 years (where changes are made to the structure of the building)
  • 10 years (for all other cases)

Minimum repayment period: 5 years.

Maximum age of borrower on loan maturity: 65 years old

Instalment Postponement: If something unexpected happens, you can always opt to postpone paying up to 2 monthly instalments and a total of 24 instalments over the course of your loan.

Green Housing Loan: At Bank of Cyprus we care about the environment and about the people who make green-conscious decisions in their everyday lives. This is why we have created the Green Housing Loan. 

After the full dispersment of the loan and if your house or apartment has an energy performance certification of Building Category A, then we will deposit 0.5% of the loan amount (maximum €500) into your credit card.

Note: The energy performance certifications of Building Category A and B are the optimum energy categories, meaning less fuel cost and electricity consumption, and reduction of carbon dioxide emission into the atmosphere.

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