BANKING & FINANCE

BANKING ON IT & LENDING FACILITIES

Commercial banking in Cyprus is of a very high standard and follows the British model. Legal Tender is currently the Cyprus Pound [C£]. However the Euro is due to become legal tender as of January 2005

CHOOSING THE RIGHT LENDER

All commercial banks in Cyprus are regulated by the Central Bank of Cyprus and authorized to offer mortgage facilities to assist in the purchase of property.

Choosing the right lender can be an arduous task. However at the end of the day you need to inject the time into making the right decision for your future. Choosing whom you bank and borrow with is choosing the financial institution you plan to establish and continue a long-term commercial relationship with; a relationship that is anticipated to last for up to 10 years or more.
Key considerations in support of your final decision should include competitive interest rates, fee structures and conditions along with flexibility and add-value services provided by the institution.

Banks in Cyprus are able to offer clients totally integrated finance packages that are tailor-made for the customer’s specific requirements and provide the customer add-value products and benefits to conduct all their financial activities through the one institution.

Commercial Banks in Cyprus offer foreign currency loans to non-Cypriots up to 70% of the property value with a repayment period of up to 10years.

APPLYING FOR THE LOAN

Careful forward planning and preparation is a key component in assisting the relevant financial institution in a speedy decision and can increase your chances of finance approval.

Lending institutions require a number of documents and supportive financial information in the decision process for loan approval.

The following documents are provided as a guide to assist in preparation for loan application, to find out more mortgages, loans and banking facilities, we recommend the services of
Click on the Link for Alphabank, Bank of Cyprus, Laiki Bank.

KEY POINTS FOR A LOAN APPROVAL

• Are you able to comfortably service the loan
• Do you have income to accommodate the loan ie employed or pension
• Do you have a good credit history
• Does the property reflect the loan amount
  

CURRENCY CONVERTER

Perform interactive foreign exchange rate calculations on the Internet, using up-to-the-minute currency rates.
Visit the site for http://www.4ur.net/currency/smart.php3 more details.

HOUSING LOANS DOCUMENTS REQUIRED FOR EXAMINING AN APPLICATION
Applicant’s Name: _____________________________________
Date of Application :____________________________________________
In order to Consider Loan applications the following documents are generally required by Banks & Financial Institutions to assist in the final approval process
Application
Declaration of Personal & Financial Facts
Opening of an Account with the Bank of Application & Activate Initial Deposit
Bank References
Employer’s References
Copies of Employment Contract & or Certification of Income
Copies of Pay Slips or Income Statements from the Past Three Months
Copy of Tax Return from the Previous Financial Year
Bank Statements from the Past Six Months
Contract of Purchase/Sale [Signed+Stamped+Registered]
Architects Plans & [Title]
Copy & of Deposit Receipt from the Vendor/Developer
Receipt of Transfer of Deposit in Proof of External Funds Transaction
Property Insurance
Council of Ministers Approval for Transfer of Title to the Purchasers
Important: It is Imperative that in Order to Assist the Bank & or Financial Institution provide a Fair Assessment of the Application for Approval, that all Information Provided be as Complete as Possible