We at Between Friends highly recommend Alpha Bank. We are working personally with them and find the staff members to be competent and always ready to assist us in any area.After carefully studying all the benefits found in the different banks we concluded that Alpha Bank caters to all individuals and treats every one with respect. This is a quote from the team of Alpha Bank. One can also visit their website for further details.
«Alpha Home is offered to individuals non-residents of Cyprus for the purchase, building, completion, or refurbishment of a house or an apartment, as well as for the purchase of office space.
Alpha Home is offered in Cyprus Pounds and in foreign currency, with fluctuating interest rate for the whole duration of the loan in case of Cyprus Pounds and option between fluctuating and fixed interest rate for loans in foreign currency.»
Currency
- Offered in Cyprus Pounds or in any foreign currency.
Interest Rate
- For loans in Cyprus Pounds: Fluctuating Interest rate for the whole duration of the loan, Bank's Base Rate.
- For loans in foreign currency: choice between fluctuating three months / six months/ yearly LIBOR + 1,75% or fixed interest rate for 3 or 5 years determined by the Bank at the time of signing the agreement.
Loan amount coverage
- Up to 80% of the property's purchase value.
Repayment
- With equal monthly instalments through standing order.
Duration
- The grace period may last the earliest between 2 years and the time of full withdrawal of the loan amount.
Security
- Mortgage on the financed property equal to 120% of the loan amount.
- Assignment of the Sales Agreement / Contract.
- Assignment of the Fire and Earthquake Insurance Policy
- Life Insurance is NOT required.
Fees and Expenses
- Stamp duties - 0,15% on amounts up to the equivalent of CYP £100.000 and 0,20% on amounts over the equivalent of CYP £1000.000. Stamp duties are charged on security and loan documents.
- Arrangement Fees - 0,5% on the loan amount.
- Other sundry out of pocket expenses - about CYP £50.00.
Response time
- For the Bank's decision you will be informed within 2 working days from the day we receive your application and all the supporting documents.
Note
- Bank's interest rates and fees may fluctuate from the time based on Bank's policy. Other out of pocket expenses i.e. Mortgage Fees, Stamp Duties, etc, may fluctuate from time based on government policy.
