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.
