Mortgage Finance

Most commercial banks in Cyprus are authorized to offer mortgage facilities to local as well as foreign applicants to assist in the purchase of their property.

Aristo Developers, taking advantage of its strong relationships with most of the local banks, and in an attempt to reduce finance costs for its customers as well as to speed up the application process, has managed to set up special finance schemes which are on offer for all Aristo customers.

General Information

• The mortgage can be granted in Foreign Currency (e.g. USD, EUR, GBP, CHF Etc) or in Cyprus Pounds.
• For a mortgage in Foreign Currency the maximum repayment period can be 15 years.
• For a mortgage in Cyprus Pounds the maximum repayment period can be 25 years.
• In both cases the age of the applicant plus the term of the mortgage cannot exceed the age of 70.
• The maximum amount borrowed can be up to 70% of the value of the purchased property. In exceptional cases and especially for first time buyers the amount can be up to 80% of the value of the purchased property (depending on the credit rating of the customer).
• The mortgage is repaid by monthly or quarterly instalments.

Securities:

1. For the majority of its projects Aristo Developers has managed to set up finance schemes with local banks with minimal security requirements resulting in substantially lower costs.
2. Assignment of the Purchaser’s rights deriving from the Contract of Sale in favour of the Bank.
3. In certain cases a corporate guarantee is provided by Aristo Developers to the banks as a security to the clients’ mortgages.

Documents/Information required by the banks:

1. Customer’s profile (Personal details, occupation-duration of your employment contract if any with your current employers).
2. Passport copies (the page with the photograph & personal information).
3. Statement of existing debt (if any).
4. A reference Letter from the Bank you maintain an a/c with.
5. Completion of the Declaration of Personal Income form.
6. Evidence of income either pay slip or confirmation of remuneration from your employer, or P60 or business accounts.
7. Purchase agreement.
8. Copies of bank statements for the last three months.
9. Copies of payments already made by the applicant for the property.
10. To open and activate an account with the bank.

Aristo Developers offers finance advice to its clients that may wish to acquire a property through a Cyprus mortgage. If you require further information or assistance in relation to the above you can contact:

George Vlotomas, Ba(Econ), ACA
Head of Internal Audit
Aristo Developers Ltd
8, Apriliou 1st Street
P.O.Box 60269
CY8101 Paphos, Cyprus
Email: George.Vlotomas@aristodevelopers.com
Tel.:+357 26 841 920, 26 841 841
Fax:+26 938290
www.aristodevelopers.com