Housing purpose: You can use the loan to buy a house, land, apartment or for home extensions/renovations or even for your business premises.

Loan amount: There is no maximum loan amount.

Contribution: The level of your contribution may vary and along with the required securities, the pricing of the loan will be determined. Usually, you may be required to contribute 20-30 % of the market value of the property but depending on your specific request, this percentage may be lower. For example, if the property that you will purchase is for your own use, as a permanent or holiday residence, then the Bank may finance up to 100 % of the market value of that property.

Currency: We can offer housing loans in Cyprus Pounds, Euro, Swiss Francs and in all major currencies.

Loans in Cyprus pounds: Fluctuating interest rate for the whole duration of the loan.

Loans in foreign currency: Fluctuating interest rate for the whole duration of the loan or Fixed interest rate for a fixed period of time.

Special product: housing loan in Euro, using 6 months Euribor, with no exchange commission.

Repayment period: A housing loan in Cyprus Pounds may be repaid of up to 35 years. For housing loan in Foreign currency, the repayment period may be up to 15 years. But, the installments of the loan may be as if the repayment period was up to 30 years and re-finance the remaining balance of the loan for an additional period of up to 20 years.

Repayment flexibility with three escalating stages in the instalment amount as follows:

1. Lower instalment for the first 5 years that covers the interest amount
2. Regular instalment for the next 5 years as calculated following a normal repayment schedule
3. Higher instalment for the remaining years of the loan, so as to cover the amount of capital that is not being repaid during the first period.

Grace period: If you are purchasing a property that is under construction, you have the option to start the repayment of your loan after the construction is completed (maximum period 12 months). During that period, you will only have to pay the accrued interest.

Pricing: The pricing of your loan will depend on the level of your contribution, the securities provided, the housing purpose and the currency of the loan. A margin of 1,75-2,50 % will apply above the base rate (if loan is in Cyprus Pounds) or above libor (if loan is in foreign currency).

Life Insurance: In order to release you and your family of the burden to repay the financing in case of unfortunate events (loss of life, overall disability, etc), the contracting and granting in favor of the Bank, of a life insurance, for an amount at least equal to the value of the loan, is necessary.

Property Insurance: To be trough with any contingency that may occur to your property (fire, blood, burglary, etc.), the property must be insured.

Proof of income: You will be asked to provide the Bank with proof of your income and reference of your Bank history.

Tax deductions: Any possible tax deduction on the loan interest for private residence are determined by the Tax Legislation and practice of the Cyprus Tax System. Details regarding the current legislation are available at the Department of Income Tax of the Ministry of Finance.

For more information, please contact our office.

Currency Exchange

Golden Land Developers works with leading foreign exchange companies that offer our clients:

• Express service
• Free transfers
• Security of Funds
• 24 Hour Service
• No Commission
• No Hidden Costs

Mortgages

Golden Land introduces potential clients to executives in the financial field. With Cyprus joining the European Union, arranging housing loans is easy and straight forward.

For more information & advices, please contact our office.

Financing your property in Cyprus can take the form of a mortgage, equity release scheme or the use of your own funds. Most investors opt for a mortgage, which are available from banks in Cyprus.

1. Mortgages

Mortgages are widely available in Cyprus and the terms are similar to those in the UK. However, you may require some help from our experts with the process of applying for your mortgage. We will gladly give independent advice and assistance with your mortgage application from a Cypriot bank.

Main Characteristics of Mortgages in Cyprus

• Most commercial banks in Cyprus are authorized to offer mortgage facilities to locals as well as foreign nationals. Loans are based on the purchaser providing a minimum deposit of 30%.
• Repayment mortgages can be acquired in any foreign currency, e.g. U.S. dollars, British pounds, Euros and Swiss francs, or in Cypriot Pounds.
• A Cyprus pound mortgage avoids capital loss through currency exchange should you rent out your property, provided you keep to the local currency. It is important to research who you will be renting your property to, what currency they will be paying in and plan your mortgage accordingly.
• For a loan, the maximum period of the loan is 15 to 30 years.
• Loan payments can be made in monthly or quarterly installments
  .
• Loan value is normally up to 70% of the property valuation. However sometimes 80-85% can be negotiated if the property is newly built.
• Life insurance will be required when taking out any mortgage in Cyprus.
• Cypriot interest rates are currently around 7%, while foreign currency mortgages are also available from around 3.25%.

Should you not have 30% deposit available for your down payment, you may apply for a loan to cover it by using an equity release option on your existing home.

Documents Normally Required by Cypriot Banks

• Personal details, including copies of passport
• Employment contract and P60s, or business accounts from your accountant.
• Documentation regarding existing debts, regular outgoings and details of any other mortgages in operation.
• Bank reference from your bank.
• Completed personal income declaration form.
• Original of Purchase Agreement
• Copies of your bank statements for the last three months
• Copies of receipts for deposit payments made to the vendor for the property
• You will need to open and activate a bank account in the same bank you obtain your mortgage from.
• Acquisition Permit from the District Authorities to allow the mortgage to be released by the bank.

It often makes financial sense to buy property as a company. For legal, tax and inheritance law reasons you are recommended to review this option.

Golden Land Developers will gladly give you expert advice as to whether this is a suitable option for your particular circumstances.

2. Equity Release

Equity release is an efficient way of releasing cash from a property you already own, without having to sell up.

If you are in your mid-50s or older and own your own home, you may be able to get a cash lump sum, a regular income, or both, by using an equity release scheme based on the value of your property. These schemes can be helpful in some circumstances to raise money for a mortgage to finance your investment property in Cyprus.

3. Alternative Finance

Not everybody falls into a category and some investors will need to raise finance in an alternative fashion to equity release or mortgage options. There are other borrowing facilities available to investors of Cyprus property.

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The information, plans, photos and artists' impressions contained in this web site are for guidance only and do not constitute a representation or an offer to treat. The Developer reserves the right to effect changes as he may deem appropriate prior to Contract.