Search
Online Login
Subscribe to Our Blog
Search
Company News
My Property Cyprus buys properties for CASH in Ayia Napa & Protaras>> Read more
Great summer savings on your Ayia Napa Holiday Apartment>> Read more
Cyprus holiday fun>> Read more
Wanted Urgently- East Coast Cyprus Rental Properties Needed>> Read more
Discover Ayia Napa Beaches>> Read more
Protaras beaches uncovered>> Read more
Kataklysmos - The Cyprus Water Festival>> Read more
Up to 50% discount-Holiday villa Ampelos Kapparis Protaras>> Read more
"Gateway to Europe", apply for your Permanent Residency to Cyprus>> Read more
Come and stay in our Villa for 2 weeks for the price of 1 week. Click here...>> Read more
|
|
Government Mortgages for the Low Income Bracket |
|
|||
|
|
The Scheme |
|
|||
|
|
The scheme is designed to assist first time buyers that fall into the low income bracket within Cyprus. The boundaries: a) Couples with a combined maximum annual income of €40,000 b) One parent family with children under the age of 18 with a maximum annual income of €22,000 The scheme will cover the purchase of property in southern region of Cyprus with a covered area no greater than 200m2. Those able to apply: a) Citizens of Cyprus b) EU Citizens living in Cyprus for a minimum of five years N.B. Any party that has previously received government assistance will be excluded from this scheme. |
|
|||
|
|
|
|
|||
|
|
Purpose of the Scheme |
|
|||
|
|
Applicants can use the loan to build a new house on a private plot. Alternatively, the applicant can purchase a new build or resale house or apartment. |
|
|||
|
|
|
|
|||
|
|
The Mortgage |
|
|||
|
|
The ceiling limit for any application is set at €200k based on a 75% mortgage.. The applicants contribution will be 25%. The maximum allowable application against income will be based on five times joint salary (Applicable to a couple) or five times single parent salary. |
|
|||
|
|
|
|
|||
|
|
Interest |
|
|||
|
|
Interest will be charged as below: a) The first two years of the mortgage - 0% b) The interest rate will be variable for the remainder of the term N.B. The rate used is lower than Banks and is based on that offered by Housing Finance Corporation |
|
|||
|
|
|
|
|||
|
|
Duration of Loan |
|
|||
|
|
The maximum duration offered against the loan is thirty years. Repayments will commence as below: a) New build properties - Completion of the house b) Resale properties - After three months
|
|
|||
|
|
Collateral |
|
|||
|
|
The Government will require collateral against the loan. The property/land will be used as below: a) If the property doe not have Title Deeds issued - Share of the land , Bank guarantee or Cash b) If the property has Title Deeds issued - First Charge |
|
|||
|
|
|
|
|||
|
|
Contact Details |
|
|||
|
|
For further information and application form, please contact your local office as below:
|
|
|||
|
|
Nicosia Limasol Larnaca Paphos Paralimni |
Themistokli Thervi 41 Filiou Zannetou 2 Arhiepistopou Avenue Makapou 23 Nikolaou Nikolaidi 49 1st April Avenue 162 |
Tel: Tel: Tel: Tel: Tel: |
22503333 22503310 25818877 25443150 24625885 24625775 26936500 26938200 23821130 23827233 |
|
