Your housing loan (for your first house)

Acquire a home of your own that you can pay for at your own pace. Our housing loans allow you to make your dreams come true, whether they relate to:

  •  building your own home
  •  purchasing an existing house or apartment.

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.

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.
  •  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: 30 years

Minimum repayment period: 15 years if you opt for a fixed interest rate or 10 years if you opt for a variable rate.

Maximum age of borrower on loan maturity: 65 years old

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.

Rewarding consistent repayment: If the loan is with variable interest, based on the Bank's Base Rates, then 20% discount is offered. The discount is given on the 13th instalment (calculated on the amount of the 12th instalment) given that all previous 12 instalments were paid without delay. The discount will be repeated until full repayment of the loan, given that all criteria still apply.

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. 

If your house or apartment has an energy performance certification of Building Category A, then we will deposit 0,50% of the loan amount (maximum amount €500) in to 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.

A house from ''KERMIA'': If you are buying a property for own residence (first home or holiday home) from  KERMIA PROPERTIES AND INVESTMENT LTD, we offer a discount of 0,50% on the margin of our interest. To learn more about our interest rates click here.

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