Securing a mortgage in Cyprus is not as difficult as it seems. Marinos Kineyirou Estate Agencies LTD is willing to help and advise you throughout the process of getting a mortgage in Cyprus.
Here is some useful information about mortgages in Cyprus:
- Most banks in Cyprus offer mortgages both for foreigners and locals.
- We recommend contacting your bank to discuss for a mortgage before the purchase, in order to check the mortgage rates and decide whether the required payment is realistic to you or not.
- After completing the loan agreement, the purchaser provides a 30% of the property price.
- The loan value is normally up to 60% of the value of the property
- The Cypriot interest rates are currently around 8%.
- Life and property insurance is required when getting a mortgage in Cyprus.
After completing the mortgage application form, you should provide the bank with the following information that is normally required by the banks of Cyprus:
- Personal details
- Copies of passport (the first two pages)
- Documentation of any debts, loans
- Proof and declaration of personal income
- Bank reference
- The original purchase agreement/contract
- Copies of bank statements for the last 3 months
- Copies of receipts for deposit payments for the property
- Open and activate a bank account
- Acquire permission from District authorities for the purchase of real estate property.