Option for a 3-year fixed interest rate
For the property of your dreams
The data in reference are for guidance only, should only be used for guidance and do not, in any way, constitute professional advice. The exact numbers may differ in real time from the facility being granted.
Please read carefully bellow.
A loan can be granted for:
Purchase, construction, renovation of:
• Holiday home in Cyprus or abroad*
• Property for investment or buy-to-let
You can also receive financing for:
• Purchase of land
• Consolidation of existing debt into one loan
• Transfer of a loan from another bank
*Mortgage in Cyprus is required
To evaluate your application, we need from you the necessary documents for the confirmation of the below information
- Identity information
- Income information
- Contact information
- Professional activity details
For existing customers, an updated version of the above must be submitted
Additional details and information may be requested regarding
- The purpose and nature of your business relationship with the bank
- Information about your economic/ transaction profile
Regarding supporting documents verifying your income, indicatively, the following will be requested:
Employees of the private/ public sector
- Payslips from the last three months
- Supporting documents for any other source of income (if applicable)
- Income Tax form or Social Insurance statement or other supporting documents
Information on the property to be financed/ mortgaged
- Title deed
- Planning permit or relevant certificate from an architect
- Building permit for construction or in case it is pending, an application certificate along with a declaration by a professional
- Timetable and cost analysis signed by a professional (e.g. Quantity Surveyor, Civil Engineer)
For the property valuation, the architectural plans must be submitted.
The above supporting documents required for the assessment of your loan application are indicative and may be differentiated depending on each case. For more details please contact your Relationship officer.
It is noted that, once you submit the necessary information and after evaluation by the bank, the amount of loan that the bank considers that you can serve is determined, based on the cost of living, your income and expenses.
For the purchase of plot/land, the maximum duration is 15 years.
In any case, the maturity of the loan cannot exceed the 65th year of age of the borrower.
The offered interest rate is determined based on criteria evaluated and applied by Hellenic Bank and may differ in each case.
For representative examples click here.
You have the option to choose between:
- Variable interest rate based on the Bank’s Main Base rate, plus margin. For variable rate loans the interest rate varies according to the methodology for calculating Hellenic Bank Base Rates which can be found here.
- Additionally, you can choose a fixed interest rate for the initial 3 years of your loan. During this fixed rate period, both your interest rate and monthly installment will remain unchanged, unless the agreed repayment schedule is not followed. After the fixed interest rate period, the rate will convert to a variable interest rate based on the Bank’s Main Base rate, plus a margin.
Hellenic Bank’s base rates are based on the CBC Index. The Index is defined as the value of the interest rate applicable to the previous month’s euro-denominated deposits from households with agreed maturity up to 1 year, which is published on a monthly basis on the official CBC website. The average of the 3 last values of the CBC Index is considered the “Reference Rate”, rounded up to two decimal places.
The fluctuation of the Base Rates is calculated as the difference between the value of the last two Reference Rates. Each of Hellenic Bank’s base rates will be adjusted on a quarterly basis on 16 February, 16 May, 16 August and 16 November of each calendar year (the Adjustment Dates). For more info click here.
Mortgage on property is required for the granting of the loan.
In the case of purchase of a property, the mortgaged property must be insured at least against fire, earthquake and flood, for the total amount of the insurable value of the property according to the property valuation of a professional valuer selected by the bank.
You can also use your savings as collateral and benefit from lower interest rates.
The granting of the loan is subject to the Bank obtaining satisfactory guarantees/securities.
The Bank reserves the right to request for additional collaterals according to its lending policy at the time.
During the grace period only the interest on the loan is paid and capital repayments begin at the end of the period.
We recommend checking your loan agreement or contacting your banking officer to understand the specific charges applicable to your loan.
If you are experiencing financial difficulties and cannot pay you instalment in accordance to the terms of your contract with the bank, please contact us as soon as possible in order to agree on a new repayment schedule that will meet your new financial conditions.
For the granting of your loan, the Bank charges loan arrangement fees and legal documentation fees.
In addition, there are certain fees which must be paid which are regulated by law, such as:
- Cost for the registration of the property to Land Registry Office
- Stamps for loan documents paid to the Commissioner of Taxation
- Property valuation fees as well as life insurance and property insurance Any bank fees are always charged based on the conditions of your contract/ agreement with the bank.
The above fees can be included in the initial loan amount, subject to loan maximum amount criteria.
Once you have signed the loan agreement, you have the right to withdraw as follows:
- In case your loan is secured with mortgage, within five (5) business days from the date of execution of the loan agreement, by giving or sending relevant written notice to the Bank, unless any amount of such loan is disbursed before expiry of the abovementioned withdrawal period.
It is considered the best tool for comparing the actual cost of borrowing, as it includes all loan expenses (payments and expenses paid by the customer to the Bank but also to third parties, e.g. government expenses, valuation costs, insurance, etc.).
The APR helps you form a complete picture and compare with different schemes of the bank or schemes offered by other banks.