Renovation

Renovate your primary residence or holiday home

  • Up to 80% of the value of the property

    Up to 80% of the value of the property for primary residence renovation and up to 70% of the value of the property for holiday home renovation.

  • Installment postponement

    In case of unforeseen events, you can postpone the payment of up to 2 monthly installments per year (24 installments during your loan duration).

  • Digital application via 1bank

    If you are a 1bank subscriber, you can apply via Internet Banking.

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More information

  • Permanent residents of Cyprus wishing to renovate their primary residence or their holiday home. If you are not a permanent resident of Cyprus for the last year, call in at any of our branches to find out about your options.

  • You can choose between:

    • a fixed interest rate for 3, 5 or 10 years which then changes to variable after the end of the fixed rate period or,
    • a variable interest rate for the whole duration of the loan.
  • 10 years

    • for a variable interest rate loan
    • for a 5 or 10 years fixed interest rate loan.

    15 years

    • for a loan with 3-year fixed interest rate.
  • Minimum repayment period:

    • 5 years for a variable interest rate loan or 3 years fixed interest rate loan
    • 10 years for 5 or 10-year fixed interest rate loan

    Maximum repayment period:

    • 20 years where the structure of the property is changed
    • 10 years for all other types of renovations
  • The borrower maximum age at loan maturity is 65 years

  • Up to 12 months on capital.

  • There are no initial bank charges.

  • You have the right to withdraw from the agreement within 5 business days from the date of its conclusion

  • You have to submit all necessary architectural plans and certificates. Mortgage of the property to be renovated is required.

  • Learn more on our current interest rates here.

  • What options are there regarding interest rates?

    For some loans you can select a floating interest rate or a fixed rate for a specific time period.

    If you select a fixed interest rate, the interest rate will remain fixed for the specified period agreed with the Bank (e.g. 5 years). It will not change under any circumstances, so your installment remains constant. At the end of the fixed interest rate period, loans are converted into variable rate loans.

    If you choose a floating rate loan, then the interest rate can be changed at any time (upward or downward). The variable interest rate consists of the base plus margin. Every time the total interest rate changes, your loan installment will also change.

    What are the initial fees?

    Some loans may bear initial fees, payable upon the granting of the loan.

    Initial bank fees

    • Arrangement fees: these relate to the Bank’s costs for preparing and evaluating your application.
    • Documentation fees: a fixed charge for the preparation of loan documents,; the charge is determined by the loan amount.

     Government fees

    These fees are regulated by law as follows:

    • Mortgage registration fees paid to the Land Registry.
    • Fees relating to stamping the loan documents and paid to the Commissioner of Taxation.
    • Fees paid to the Land Registry in cases where the transfer of property from one owner to another is necessary.

     

    Fees paid to third parties

    These are fees related to valuations carried out on behalf of the Bank by approved valuers for mortgaged property, or fees related to life and/or home insurance.

    Find out about all Bank fees from the Table of Commissions and Charges

     

    What do I need to know about loan installment payments?

    • You can provide instructions in writing, so that your installment is paid automatically from your current account.
    • You can pay your installments as determined by the terms of your loan. Please make sure to designate a date that is convenient for you. Should this date change, you need to promptly contact your personal banker.
    • Delayed installment payments incur additional costs, increasing the cost of your loan.
    • Should your financial circumstances change and you are unable to keep up with installment payments per the terms of your contract, please get in touch promptly with your personal banker in order to agree a new repayment schedule adapted to your new circumstances.

     

    What happens if I pay off my loan/installments early?

    Where a loan is paid off early, or installments are paid early in relation to the agreed schedule, the Bank will charge costs depending on the type of interest rate and the amount that was paid off early.

    What is the Annual Percentage Rate (APR)?

    The Annual Percentage Rate (APR) is the total cost of the loan to the consumer, expressed as an annual percentage on the loan amount. The APR includes all loan expenses paid by the client to either the Bank or to third parties (e.g. government fees, valuation expenses, insurance etc).

    The APR is considered to be the best tool as it includes all loan expenses. It helps you form a complete picture and to compare the Bank’s schemes with the schemes of other banks.

Warning:

The Bank reserves the right to reject any application at its sole discretion and withdraw any plan at any time. If you do not make regular installment payments according to your loan repayment schedule, you may lose your house. There are charges for early loan repayment. In case of variable interest rates, the installment amount and total cost of the facility may increase or decrease depending on variations in the base rate.

800.00.800

+35722128000 from abroad
Monday to Friday, 07:45 - 18:00 Saturday and Sunday 9:00 - 17:00

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Your personal Banker

can get in touch with you to discuss everything you need to know about our products