INVESTMENT IN HOUSING PROPERTY

FIRST HOME

HOLIDAY HOME

INVESTMENT IN HOUSING PROPERTY

TRANSFER OF HOUSING LOAN

LOAN PURPOSE

Purchase, construction, completion of house for investment
Renovation or expansion of house for investment
Restoration, repair of traditional/ listed buildings to be used for investment
Improvement or maintenance of traditional/ listed buildings to be used for investment
Purchase of plot of land for investment

INTEREST: Variable from 2,75%

DURATION: up to 20 years

LOAN AMOUNT: up to €500.000

FEATURES

Total Interest is calculated on the basis of 6M Euribor rate (minimum Euribor rate 0%) or BHBR.
BHBR (Bank Housing Base Rate): 1,999% (valid from 16 of November 2020).

LOAN PURPOSE	CONTRIBUTION	TOTAL INTEREST RATE
Purchase, construction, completion, expansion or renovation of a house for investment	>50%	2,75%
Restoration, repair, improvement or maintenance of traditional/ listed buildings to be used as investment	>30% – 50%	3,00%
Purchase of plot of land for investment

Energy Efficiency Reward

Upon the full disbursement of a loan for purchase, construction or renovation of a residence that will be graded with an A on its energy efficiency certificate, a reward of €300 bonus is credited in customer’s credit card.

Loan Amount

From €10.000 to €500.000:	Purchase, construction, completion Restoration, repair of traditional/ listed buildings Purchase of plot of land for investment

From €10.000 to €100.000:	Renovation or expansion Improvement or maintenance of traditional/ listed buildings

Loan Term

from 5 to 35 years :	Αγορά, ανέγερση, αποπεράτωση κατοικίας Αναστήλωση, επισκευή παραδοσιακών/διατηρητέων κτιρίων Αγορά οικοπέδου για μελλοντική αξιοποίηση

from 5 to 20 years:	Ανακαίνιση, επέκταση κατοικίας Βελτίωση, συντήρηση παραδοσιακών/διατηρητέων κτιρίων

Beneficiaries

Permanent residents in Cyprus
Adults older than 20 years upon the loan disbursement and younger than 70 years upon the loan repayment

Collaterals

First mortgage in favour of the Bank on the financed property for the loan amount
Personal guarantee of at least one person of sufficient credit standing provided there is no co-debtor

Disbursement

One-off on purchase of pre-built residence or building plot
In instalments on construction, restoration or renovation based on the value of the works completed certified by the project’s engineer and verified by associate valuers

Early Repayment

Early or partial repaymentis allowed at any time, at no additional charges
Grace Period:
For houses under construction / renovation / expansion, where the loan disbursements are made gradually, the repayment program may include a grace period of repayment of capital, up to 24 months

Property insurance

Insurance coverage is required to ensure best protection of your financed property against basic risks, such as fire and earthquake, pipe fracture/cracking, burglary etc.
Ethniki Insurance undertakes to insure your property at very low cost, through fast and easy procedures

Borrower Life insurance

To ensure the complete protection of the property acquired, Ethniki Insurance also undertakes to pay up the remaining loan balance, in the event of the borrower’s death due to illness or accident during the loan repayment period.

USEFUL INFORMATION

For quick evaluation of your application when visiting the branch please bring with you the following documents.

Identification Documents

I.D.
Utility Bill (CYTA, EAC etc )

Income Documentation

Salaried employees :

Original copies of payslips of the last two (2) months.
Original copy of the salary account statement of the last three (3) months.
Supporting documentation for any other type of income, such as from alimony, interest rates, real estate or welfare benefits (if deemed necessary for the verification of the sufficient credit standing)

Sole proprietors/ Freelancers:

Copy of the income tax return of the last two (2) years, or
Income certificate issued by the applicant’s accountant (if any), or
Copy of the statement of social insurance payments of the last two (2) years
Copy of the statement form submitted after the date of the last annual balance sheet, if registered in the VAT registry.
Supporting documentation for any other type of income, such as from alimony, interest rates, real estate or welfare benefits, if deemed necessary for the verification of the sufficient credit standing

Purpose of Credit Documentation

Purchase or construction of a property:

Receipt of advance payment (if applicable)
Detailed time schedule and cost analysis report signed by professional quantity surveyor or other relevant professional
Ownership title of the current owner/ S&P contract
Building permit
Urban planning permit.
Letter of intent to release the mortgaged property signed by the current owner and letter of intent signed by the mortgagee (if the financed property is mortgaged)

Renovation (estimated total cost <75,000)

original copies of invoices and payment receipts

TERMS AND CONDITIONS APPLY

For more information and full terms and conditions, you can contact any branch of the National Bank.

Our interest rates depend on your financial data and the amount of your loan and may differ from the above representative rates.

The Bank reserves the right to reject any application at its sole discretion and withdraw any plan at any time.

Loans are only available where the applicant provides the National Bank of Greece (Cyprus) Ltd with asset-based collateral which in its view is satisfactory.

The interest rate and the installment of the mortgage loan may be modified by the creditor from time to time.

You run the risk of losing your real estate if you do not normally pay the installments of the mortgage or any other mortgage-backed mortgage on your immovable property.

Warning: The installment amount and total cost of the facility may increase or decrease depending on variations in the base rate.

BRANCH LOCATOR

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