For the Investors buying or the residents coming to live in Cyprus and will need a loan we offer to different banks that we can approach and discuss a loan.

Popular Bank presents the following package 

· Loan amounts of up to 80% of the purchase price of the property
· Unlimited amount of loan
· Loan facilities in foreign currency are repayable over a period of 15 years (with a right for renewal for a further 15-year period) by monthly, quarterly, semi-annual instalments, whereas loan facilities in local currencey (euro) are repayable over a period of 40 years, subject to the Bank's approval. (Maximum age of borrower on maturity of the loan is 70 years)
· The interest rate to apply on these loans will be Libor/Euribor + up to (1,75% - 2,50%) and the customer can borrow in a number of currencies, (i.e. EURO, GBP, CHF, USD) subject to the Bank's final approval
· The valuation cost of the property is payable by the applicant irrespective of the outcome of his application
· Upon the establishment of the loan facility and in addition to the valuation cost, the applicant will have to pay an ¨arrangement fee¨ of up to 1,50% of the loan amount and ¨documentation¨ fee of up to EUR512,58/CYP300.

As security, the Bank will require the following:
· First Legal mortgage on the immovable property to be purchased, or assignment of the sale contract supported by a bank guarantee from the seller (or waiver, subject to the Banks' apporval). In case the property under development is already mortgaged in favour of Laiki Bank, no bank guarantee will be required
· Assignment of a term life policy, depending on the credit assessment
· Assignment of a Fire/Earthquake Insurance Policy
· The borrower will have to pay his contribution towards the purchase price of the property prior to or in parallel with the release of the loan funds

Requests for financing which do not fall within the above parameters can also be examined on a case-by-case basis.
Other associated costs:
· Mortgage fees 1% on the amount of the mortgage amount, payable to the Land Registry Office
· Stamp Duty 0,15% on amounts up to EUR170.860,14/CYP100.000 and 0,2% on amounts over EUR170.860,14/CYP100.000.

WARNING:Your immovable property is at risk if you do not adhere to your repayment schedule on a mortgage or on any other loan secured by a mortgage on your immovable property.

Additionally and in order to enable the proper credit assessment of each application, the following must be provided by each applicant:

· Photocopy of the applicant΄s passport (the page with the photograph and personal information)
· Bank reference from his/her existing Bankers
· Details of the property to be purchased supported by a copy of the sale contract
· Full residential address and date of birth
· Proof of income (copies of last 3 months' salary advices / copies of last
· 2 years' tax clearance / certificate from the employer or the accountant
· Copies of the down payments made by the applicant against the purchase price
· Statement of assets and liabilities duly signed by the applicant.

The interest rate and the instalment of the housing loan may be varied from time to time by the Bank.

The granting of the housing loan is subject to adequate securities in favour of the Laiki Bank and the Laiki Bank may at its absolute discretion reject any application in accordance with its lending policy.