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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 propertys 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 debtors age must not exceed 70 years
  • Grace period of up to two years

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 borrowers life insurance policy
  • Any other guarantees that may be required by the Bank

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

  • Interest rate: 1,85% (Floating, Housing Loan Base Rate = 2,00%  - margin 0,15%), 1745,75 Arrangement and Documentation Fees, Stamp Duty Expenses, Expenses for conducting an appraisal of the immovable property, Land Registry expenses.
  • Amount of grant: 100.000
  • Annual Percentage Rate of Charge (APRC): 1,96% (calculated on 25/01/2019)
  • Duration of grant: 40 years (480 months)
  • Total payable amount: 141.410,23, Monthly installment amount: 294,60 (480 monthly installments)
  • Other charges included in the Annual Percentage Rate of Charge (APRC): initial bank charges, stamp duties on loan/ mortgage documents, mortgage and valuation charges
  • Other expected costs for the borrower not included in the Annual Percentage Rate of Charge (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: If you fail to pay your installments on a regular basis, you run the risk of losing your home.

Warning: There are charges for early loan repayment.

Warning: The consumer has the right to withdraw from the loan agreement within 5 working days from the signing thereof, provided no amount under the agreement has been disbursed.

 

 

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