It is possible to get a mortgage in Cyprus, not only for EU/EEA citizens, but even for foreigners. Cyprus rates can be from 1.9% to 7.5%, and so for many buyers, mortgages are an excellent option when buying a home on the island.

Getting a mortgage in Cyprus as a citizen or a foreigner is easy with new policies that make home ownership both possible and affordable. The mortgage market is similar to other European countries and has a positive approval rate for most applications. But citizens of non-EU countries need to obtain permission to deal and own real estate in a Council of Ministers’ Permit.

The process of obtaining such a permit is quite time-consuming at around 12 months. Fortunately, buyers have the right to settle in their property even before permission is granted. To obtain this document, it is necessary to complete an application form and attach a folder of documents to it, including:

• a document from a bank account; 
• a confirmation of professional status; 
• documents with assets; 
• a certificate of employment and income. 

Necessary Documents for Obtaining a Mortgage in a Bank in Cyprus 

The submission of documents to the bank is very important step when purchasing real estate; a positive response from the bank can only be achieved when all the following necessary documents have been approved:

• a passport; 
• a document confirming the absence of debts; 
• a document confirming the regularity payments by bank transfer; 
• a certificate from the accountant on income; 
• a certificate from the bank account for the last three months; 
• a declaration of personal income; 
• a contract of sale purchasing; 
• copies of the payment of the deposit to the previous owner; 
• a permission from the district administration to obtain a mortgage in Cyprus.

In addition to all this, the borrower is required to open an account in the Cypriot bank in which he will take out the mortgage. The entire folder of documents must be translated into English or Greek. The process takes, on average, a couple of months.

Conditions of Mortgage Lending in Cyprus

• The maximum loan size granted by the bank: ≈50%
• The interest on bank loans: ≈5%
• A term of the mortgage: 10–40 years
• The minimum amount of a mortgage loan ≈€70,000
• The maximum amount of a mortgage loan: €300,000–€5,300,000
• A mortgage is provided at the age of 18–65

With a variety of excellent lending options for locals, EU residents and foreign nationals alike, home loans help secure your investment at an affordable price.

When buying property in Cyprus under a mortgage programme, be sure to use the services of a professional lawyer with experience in this field – this will not only minimise your risks, but also save time.

Important! Talk with the licensed professionals at H. Priority Trust Services to prepare everything you need when getting a mortgage in Cyprus quickly and properly. Get the best when it comes to mortgage rates with our team of professionals.