Most commercial banks in Cyprus are authorized to offer mortgage facilities to local as well as foreign applicants to assist in the purchase of their property.
Vilanos Real Estate Ltd, taking advantage of its strong relationships with most of the local banks, and in an attempt to reduce finance costs for its customers as well as to speed up the application process, has managed to set up special finance schemes which are on offer for all Vilanos customers.
- The mortgage can be granted in Foreign Currency (e.g. USD, GBP, CHF Etc) or in EUROS.
- For a mortgage in Foreign Currency the maximum repayment period can be 15 years.
- For a mortgage in EUROS the maximum repayment period can be 25 years.
- In both cases the age of the applicant plus the term of the mortgage cannot exceed the age of 70.
- The maximum amount borrowed can be up to 70% of the value of the purchased property. In exceptional cases and especially for first time buyers the amount can be up to 80% of the value of the purchased property (depending on the credit rating of the customer).
- The mortgage is repaid by monthly or quarterly instalments.
Documents/Information required by the banks:
- Customer’s profile (Personal details, occupation-duration of your employment contract if any with your current employers).
- Passport copies (the page with the photograph & personal information).
- Statement of existing debt (if any).
- A reference Letter from the Bank you maintain an a/c with.
- Completion of the Declaration of Personal Income form.
- Evidence of income either pay slip or confirmation of remuneration from your employer, or P60 or business accounts.
- Purchase agreement.
- Copies of bank statements for the last three months.
- Copies of payments already made by the applicant for the property.
- To open and activate an account with the bank.
Vilanos Real Estate Agents Ltd offers finance advice to its clients that may wish to acquire a property through a Cyprus mortgage. If you require further information or assistance in relation to the above you can contact:
Vilanos Real Estate Agents LTD Head Office
275 Agias Fylaxeos Ave., 1st Floor, 3116 Agia Phyla
P.O.BOX 56583, 3308 Limassol
Tel: 00357 25 77 11 88
Fax: 00357 25 77 33 66