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
- 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
- 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.