Kleanthis Savva Developers

FINANCING YOUR PROPERTY

The information presented here is courtesy of Alpha Bank, which is categorised as a Class A bank. This means it is recognised throughout the European Economic Community as a first class banking institution.

Financial Information Cyprus

ALPHA BANK Housing Schemes

Alpha Home | Alpha FlexiHome

(click here to download the related information table)

Alpha Bank Ltd has adopted the European Code of Conduct for housing credit (the Code of Housing Loans), aiming to offer comprehensive information to its customers and consumer protection in the area of home lending. The Code is available at all Alpha Bank branches.
The following information is general and it applies to all housing schemes offered by Alpha Bank Ltd, except where otherwise indicated.

1. Forms of security:
* First Legal Mortgage on the property to be financed
* Assignment of Sales Contract
Plus:
* Fire, Earthquake and Other Similar Dangers Insurance Policy (fire insurance policy is offered free of charge by Alpha Insurance for the first year on the amount of the loan)
* Assignment of Life Insurance Policy (optional)

2. Interest rate types:
* For loans in EUR: floating interest rate based on the Bank’s Base Rate (currently 5,50%) plus margin
* For loans in foreign currency: floating interest rate based on the 1,3 or 6-month LIBOR plus margin

3. List of relevant government charges:
* Mortgage stamp duties – 0,15% of mortgage amount + EUR8.55 (0,20% for amounts over EUR170.860,14)
* Documents stamp duties – 0,15% of loan amount (0,20% for amounts over EUR 170.860.14 + EUR51,26
* Mortgage fees – 1,00% of mortgage amount

4. Early repayment:
Early repayment can be effected, provided prior notice of three working days is given to the Bank, with the following additional charges:
* For loans that fall under the Consumer Credit Act (up to EUR 85.430 or the equivalent amount in foreign currency) the charge will be calculated based on the provisions of the Act.
* For other loans, the charge, if any, will be calculated based on the Bank’s cost plus any charges resulting from the early repayment of the loan.

5. Property valuation:
A valuation of the immovable property is effected by an approved valuer of the Bank. The valuation expenses will be borne by the customer.

K. Savva » Financial Information

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