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 property’s 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 debtor’s age must not exceed 70 years
- Grace period of up to two years
- 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 borrower’s 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.