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Home / Personal Banking / Housing Loans:
Alpha Residence
 

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
  • 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, including grace period. 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

Required Securities:

  • Registration of a first legal mortgage over the financed property
  • Discount on fire and related risks insurance policy for the first year with Altius Insurance
  • Assignment of borrowerĺs life insurance policy
  • 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.

For more information regarding interest rates, any other charges and the Annual Percentage Rate (A.P.R.), using a representative example, please click here.

• Amount of grant: €100,000

• Duration of grant: 40 years

• Amount, frequency and number of installments: €315.57 (480 monthly installments)

• Total payable amount: €151,474.55

• APRC as of 13/08/2018: 2.37%

• Base Rate: Variable HLBR [the Bank’s Housing Loan Base Rate] 2.00%

• Interest rate margin: 0.25%

• Other charges included in the APRC: initial bank charges, stamp duties on loan / mortgage documents, mortgage and valuation charges

• Other expected costs for the borrower not included in the APRC: the cost of life insurance for the borrower and the cost of fire / earthquake insurance for the mortgaged property

• The granting of the loan is subject to the provision of satisfactory tangible collateral

Warning: Alpha Bank may reject any request and withdraw any plan at its discretion

Warning: If you fail to pay your installments on a regular basis, you run the risk of losing your home

Warning: The amount of the installment and the total cost of the loan may increase or decrease according to base rate fluctuations.
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