|
|
Option 1
|
|
Option 3
|
|
Loan Purpose
|
o Building of a house
o Purchase of a house or apartment (completed or under construction)
o Completion, extension, refurbishment of a house or apartment
o Re-financing of existing mortgage loan
|
· Purchase of a house or apartment (completed or under construction)
|
|
Loan Amount Coverage
|
o 80% of purchase price / building cost for 1st residence
o 70% of purchase price / building cost otherwise
|
o 70% for 1st residence
o 60% otherwise
|
|
Duration
|
o For loans in Cyprus Pounds and EUR: Up to 35 years
o For loans in all other currencies: Up to 15 years
Minimum duration of 15 years for Alpha FlexiHome
At loan maturity customer’s age must not exceed 70 years
|
|
Interest Rate
|
o Floating Interest Rate Margin: 1,75%-2,50% for all currencies
o Fixed Interest Rate: 3 or 5-yr periods
|
o Floating Interest Rate Margin: 2,50%-3,00% for all currencies
o Fixed Interest Rate: 3 or 5-yr periods
|
|
Security
|
o Mortgage on the property equal to 120% of the loan amount
o Fire and similar risks insurance
o Optional Life Insurance
|
|
Arrangement Fees
|
0,50% - 1,00%of loan amount
|
|
Repayment
|
Equal monthly instalments
|
o First 5 years – Monthly interest payments only
o Subsequent 5 years – Normal monthly instalments
o Remaining years – Monthly instalments increased to cover repayment of capital postponed from first 5 years
|
o Monthly interest payments only
o Bullet payments at any stage during the period of the loan to repay capital provided that the loan is settled by maturity
|
|
Grace Period
|
Repayment commences 1 month after the completion of the property with a maximum grace period of 2 years since the first granting of a loan amount, whichever occurs first
During the grace period interest will be capitalised and will be covered by loan instalments
|
No grace period
|
Cyprus Latest