The procedure for granting a loan for the purchase of residential real estate in Cyprus.

Resortec Properties Ltd. closely cooperates with the Bank of Cyprus ( Bank of Cyprus) to assist potential buyers real estate in Cyprus requiring a loan to purchase apartments or villas in Cyprus.

Bank of Cyprus is considering an application for a loan to individuals. person, provided that the Applicant (Potential Buyer) has opened and has a personal account with the Bank, and all procedures for activating the account have been completed.

The bank can provide a loan for up to 70% of the appraised value of the property to a non-resident person (a person who has lived in Cyprus for less than 5 years).

The estimated cost is calculated taking into account the following facts:

  1. purchase price of the property according to the Purchase and Sale Agreement;
  2. the appraised value of the property, which is produced by an independent licensed real estate appraiser appointed by the Bank.

The procedure for applying for a loan in Bank of Cyprus


In order to apply to Bank of Cyprus for a loan, you must:

  1. Provide a copy of the Title Deed for the property (for real estate or for a plot, if the property is under construction), which is provided to the Bank with written instructions for assessing and the Borrower's account number with the Bank of Cyprus (this Title is provided by the developer).
  2. Individuals (Borrowers) must complete and sign the attached Loan Application and Personal Financial Statement (PFS - attached). These two documents must be submitted to the Bank along with other documents according to the attached list, which will confirm the client's ability to repay the loan. Usually, during this period, a dialogue is organized with the client to discuss the details of the loan (interest rates, loan amount, guarantees, other conditions).

The loan will be secured upon submission of the following documents:

  1. Title deed, if any (provided by the developer).
  2. Documents showing the absence of credit burden on real estate and land (provided by the developer).
  3. Clients not members of the EU must apply at Cyprus Cabinet and guaranteed to obtain the approval of the Government of Cyprus for the purchase of real estate (the application on behalf of the Borrower is made by the Borrower's lawyer or developer).
  4. Sale and purchase agreement (provided by the Borrower).
  5. Insurance policy for the amount of the loan and the term of the loan (drawn up directly at the bank).
  6. Personal guarantees (if applicable).
  7. Insurance of the loan object (provided by the developer if the property is under construction or by the Borrower if he has entered into the right to use the property).

Currently the floating interest rates offered by the Bank of Cyprus for non-resident clients are as follows

  1. When paying for real estate over 35%: 3.40% per annum.
  2. When paying for real estate less than 35%: 3.30% per annum.
  3. Clients who are not members of the EU must apply to the Cabinet of Ministers of Cyprus and are guaranteed to obtain approval from the Government of Cyprus for the purchase of real estate (submission applications on behalf of the Borrower are made by the Borrower's lawyer or developer).
  4. Sale and purchase agreement (provided by the Borrower).
  5. Insurance policy for the amount of the loan and the term of the loan (drawn up directly at the bank).
  6. Personal guarantees (if applicable).
  7. Insurance of the loan object (provided by the developer if the property is under construction or by the Borrower if he has entered into the right to use the property).

Specific interest rates can be provided upon receipt of all requested information.

The costs of obtaining a loan for the purchase of real estate in Cyprus:

  1. Loan issuance commission: 1% of the loan amount.
  2. Documentation preparation fee: from 75 to 100 euros (depending on the loan amount).
  3. Stamp duty will be calculated on the amount of the loan and the provided guarantees of its repayment.
  4. The mortgage fee is 1% of the mortgage amount plus € 10.00.
  5. Appraisal fees (will depend on the value of the property).
  6. Payment for the services of an appraiser (depends on the appraised value of the object).

Subject to the submission of all the necessary documents, the application will be evaluated and a decision will usually be made within 15 working days, a copy of which will be sent / sent to the Borrower by email.

After receiving the appropriate approval and confirmation that the client accepts the Bank's terms and conditions, an employee of Resortec Properties Ltd. will prepare all the necessary documentation and arrange for a meeting between the Borrower and the loan manager to sign the contracts.

Before signing the documentation, we point out that if the Borrower does not speak Greek or English, he must use the services of an independent lawyer, acting in accordance with the legislation of Cyprus, who will confirm that the Borrower is familiar with the terms of the contracts and understands the above in their information.

The entire procedure (loan application, signing of documentation, etc.) can take up to 1.5 months.