Mortgage in Cyprus

How to get mortgage in Cyprus? Where to begin?

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To get a mortgage loan you need to obtain life insurance (for the amount and duration of the mortgage loan). A purchased property must also be insured.

The bank usually makes decision on providing the loan within 1-2 months after receiving all the necessary documents.

Documents for loan processing                                                                                

A list of documents required for obtaining a mortgage loan (at the initial stage) is presented below.

For an owner:

– A copy of the passport

– An address confirmation (utility bill)

– Information on income (tax return for the last 3 years, payroll list, etc.)

– A letter of recommendation from any Bank if the client is not a Bank of Cyprus client

For the property:

– A title document.

– In the case when the title has not yet been received, a sales contract and a guarantee of a seller for issuing the document.

After receiving and reviewing the above documentation, the Bank may request additional information/documentation.

This list is approximate and requires clarification from the bank in a particular situation.


A bank may provide loans up to a certain percentage for the purpose of investing in Cyprus, which is always calculated from the following:

– Purchase price of real estate

– Valuation of real estate according to estimates by an independent professional appraiser appointed by the Bank.

The percentage of own contributions is as follows:

1) Individuals / non-residents:

If the asset is to be used as a house for living/recreation, the maximum is 70%

If the asset is to be used for investment, the maximum is 60%

2) Companies:

Investment purposes – no more than 60%.

Currently, interest rates offered by the Bank of Cyprus to non-residents are as follows:

– Loans for individuals up to 3.60%

– Investment loans for businesses up to 4.60%

Interest rates vary from case to case, based on own percentage of contribution, the type of applicant (individual or legal entity) and the purpose of the loan. Specific interest rates can be sent after receiving all the necessary information.

The procedure for submission of a loan application is as follows:

1) A copy of the title document to the property is submitted to the Bank with written instructions for continuing the assessment and withdrawing a certain amount from the client’s account.

2) Clients must complete and sign the attached loan application and personal financial statements (attached by PFS). Two documents must be submitted to the Bank together with other documents in accordance with the attached Checklists (for individuals and legal entities) that prove their repayment ability. Usually, a meeting with clients is organized at this stage to discuss all details of the loan (final interest rates, loan amount, securities, other conditions).

Loans will be provided as follows:

1) If there is a separate act of ownership (title), a pledge on the property. Individuals must submit an application and be approved by the Government of Cyprus for the purchase of real estate

2) If there is no separate document of ownership, then the sales contract and the guarantee of the Seller, accompanied by the Refusal of the person for issuing the document

3) Assigning a certificate of insurance for the amount and duration of the loan

Loan costs:

1) Organization fee: 1% of the loan amount.

2) Documentation fee: € 75- € 100 (based on loan amount and type of client).

3) Stamp Duty: will be calculated based on the loan amount and securities.

It will be necessary to establish the possibility of repayment of the loan, so the client will be asked to provide proof of their income (as in the attached checklists for individuals and legal entities).

Provided that all documents are submitted, the proposal will be evaluated and, as a rule, you will be informed about the decision of the bank within one month.

If the loan application is approved, clients will have to sign loan contracts in our offices. If they are abroad, the signing may take place at the premises of the Cypriot or European embassy, ​​however, it takes more time.