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Maispa Developers

10:58 PM    Agent Login

Latest Financing Schemes from Bank of Cyprus

Financing Schemes – Housing Loans

Please note this is the latest recived the 28/12/2010 and is subject to change.

 Bank of Cyprus                   

Initial Contribution:  30% for the purchase price of the  property, if the project is financed by the Bank of Cyprus before 01/01/2009 (40% contribution  for investment purpose) or if there is a separate title deed and a registration of a A’Mortgage in favour of the Bank of Cyprus.

40%  for all other projects  free of any charge, provided that the  purchase of the  property will be used as a holiday house in Cyprus ( 50% contribution for investment purpose)

Loan duration:  up to 40 years(up to the Borrower’s age of 70 years old)

  up to 15 years for investment purpose

 

INTEREST RATES:

Interest rate for foreign currency:  Libor plus margin 4,25%

 

 

Interest rate for EURO: 

1.Loan connected with the 6 months Euribor plus margin 4.00%
2.Loan connected with the Base rate of BOC Housing Loans:3,50% plus margin  2,25%
3.Loan with 2 years Fixed rate 5,00% After the end of the Fixed rate period, the Loan will be connected with:  the 6 months Euribor plus margin 3,75%or with the Base rate of BOC Housing Loans plus 2,25%.
4.Loan with 3 years Fixed rate 4,75%. After the end of the Fixed rate period, the Loan will be connected with: the 6 months Euribor plus margin 3,75% or with the Base rate of BOC Housing Loans plus 2,25%.
 

5.Loan with 5 years Fixed rate 5,25% After the end of the Fixed rate period, the Loan will be connected with  the 6 months Euribor plus margin 3,75% or with the Base rate of BOC Housing Loans plus 2,25%.   

LIFE INSURANCE:  A life insurance policy must be arranged for the loan amount and period, either with Eurolife or with a Life Insurance Company abroad acceptable by the Bank of Cyprus Plc otherwise we will increase the margin 0.25%.

 

Additional Charges (indicative)

Arrangement fees:  1% on loan value for 1st property and   1,50% for  investment

Documentation fees:  €70

Valuation fees:  €85-€500

Stamps fees:  0,15% up to the Loan amount of €171.000

  0,20% over the Loan amount of  €171.000

Mortgage fees:  1% on mortgage value(Loan amount + 10%)

Early settlement fees:  YES

Grace Period for Interest &               up to the delivery date according to the capital:                                contract of sale- maximum period 2 years

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