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.
- 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 propertyĺs purchase value for the second
- Repayment through equal monthly installments with maximum duration of up to 40 years. At loan maturity the debtorĺs age must not exceed 70 years
- Grace period of up to two years
- Possibility of extra credit facilities to cover personal/consumer needs
- Registration of a first legal mortgage over the financed property
- Assignment of borrowerĺs 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 ľ Your property is at risk of repossession if you do not keep up payments on a mortgage or any other loan secured on it.