Alpha Residence is a housing loan offered to permanent residents of Cyprus for the purchase, building, completion or refurbishment of a house or an apartment, the purchase of land for construction purposes or the transfer of existing housing loans from other financial institutions.

Characteristics:

• Fluctuating interest rate in Euro or foreign currency (EUR/ GBP/ USD)
• Loan amount covering up to 75% of the property's purchase value for first main residence and up to 70% of the property’s purchase value for the second
• Repayment through equal monthly installments with maximum duration of up to 40 years. At loan maturity the debtor’s age must not exceed 70 years
• Grace period of up to two years
• Possibility of extra credit facilities to cover personal/consumer needs

Required Securities:

• Registration of a first legal mortgage over the financed property
• Assignment of borrower’s life insurance policy
• Assignment of fire and associated hazards insurance policy over the mortgaged property, free for the first year by Alpha Insurance Ltd
• Any other guarantees that may be required by the Bank

WARNING – Your property is at risk of repossession if you do not keep up payments on a mortgage or any other loan secured on it.