Restart Housing Loan

Your first home with subsidized interest rate of up to 1,50% from the Ministry of Finance

Interest Rate

up to 1,50% subsidized from the Ministry Of Finance

Duration

Up to 35 years

Loan Amount

Up to €300,000

Benefits

  • Subsidized Interest Rate of up to 1,50%
  • Grace period
  • Installment postponement
Features

The scheme applies to permanent and non-permanent residents of Cyprus.

Those eligible for the scheme must present documentation from the Tax Department affirming that their tax dues and obligations to the Republic of Cyprus are settled or in the course of being settled (the date of the tax affirmation should be no earlier than 30 days from the date of filing an application).

The scheme does not include home loans where the interest rate is subsidized through other government schemes.

Currency

Euro

Financing amount:

  • Up to 80% of the value of the immovable property (self-occupied), for permanent residents, with maximun loan amount €300,000
  • Up to 70% of the value of the immovable property (self-occupied), for non-permanent residents, with maximun loan amount €300,000

Interest rate

Floating rate for the duration of the loan.

◦ Contribution =<35% - Euribor 6m +2.25%  APR: 2.45%  * Note 1

◦ Contribution >35%   - Euribor 6m +2.20% APR: 2.40%  * Note 2

Up to 1.50% from the Ministry of Finance, for a period of 4 years. 

The scheme is not subject to initial bank charges.

Right of withdrawal

Within 5 working days of the date of entering into the agreement.

Maximum repayment period

35 years

Minimum repayment period

10 years

Borrower's maximum age on loan maturity

65 years

 

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. 

Benefits

Subsidized interest

Up to 1.50% from the Finance Ministry, for a period of 4 years.

Grace period

◦ Up to 12 months on the principal.

◦ Up to 24 months on the principal, or on the principal plus interest, if your house is under construction.

Suspension of installments

You may suspend payment for up to 2 monthly installments per year (24 installments throughout the duration of your loan), should something unexpected occur.

Installment plan

You may determine the amount and frequency of the installments according to your financial ability.

Notes

*1 The APR is calculated for a loan of €100,000 and a 20-year repayment period with 240 monthly installments of €517.86, without initial bank charges. The APR is calculated to include €1621.89 in expenses, which relate to stamp duties for the financing documents, valuation expenses, and a mortgage registration fee (1%) paid to the Department of Lands and Surveys. The total amount payable is €125,891.19.

*2 The APR is calculated for a loan of €100,000 and a 20-year repayment period with 240 monthly installments of €515.46 without initial bank charges. The APR is calculated to include €1621.89 in expenses, which relate to stamp duties for the financing documents, valuation expenses, and a mortgage registration fee (1%) paid to the Department of Lands and Surveys. The total amount payable is €125,315.92.

Note: Other expected expenses for the borrower NOT included in the APR = Cost of life insurance policy for the borrower and a fire insurance policy for the mortgaged property. In calculating the APR, we took into account that the customer will furnish a life insurance policy and a fire insurance policy, which will be assigned, and that the property will be mortgaged to the Bank.

Need more information?
  • 800 00 800
  • Calling from Abroad + 357-22128000
  • Service hours
  • Monday to Friday, 07:45 until 18:00
  • Saturday and Sunday, 09:00 until 17:00
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