MORTGAGE FINANCE

• All commercial banks in Cyprus offer mortgage facilities to assist in the purchase of property.
• The loan will be in foreign currency (the loan can be in local currency as well but it is not to the customer's advantage)
• The maximum loan amount is 70% of the value of the property with 8-10 years repayment period
• Requirements for obtaining mortgage finance are:

  1. Mortgaging the house
  2. Guarantor (usually the husband or wife)
  3. House or theft insurance etc.
  

• Easy terms of payments and long-term in-house finance schemes are also available.

The Title Deed
The procedure undertaken to obtain a title deed is as follows:

• Sign the purchase agreement
• Apply to the Council of Ministers to secure a permit (permit may take 8-12 months to be obtained)
• If the purchase was made from a Cypriot entity and the purchase price exceeded the amount of €102,500 then proof must be presented to the Central Bank of Cyprus that the funds originated from abroad.