In order to obtain a bank loan for purchasing a property in Cyprus allot depends on the status of the buyer, for example:
• Up to 80% of the property value can be obtained as a loan, with 20% deposit required, assuming that it is by first time buyers on their main residence, and this is obtainable only by permanent Cyprus residents (that is, a person who has been resident in Cyprus for the last five years. Utility bills are required as evidence of this).
• Up to 60% is obtainable, with 40% deposit required, for non-permanent residents and people buying holiday homes.
• Up to 50% is obtainable, with 50% deposit required, for investment/ commercial properties.
Note: 0.5% of the loan value is now charged by the bank or lender for mortgage arrangement fee.
Buying a property with a title deed is always preferable as it is a clear-cut transaction. However, buying without a deed or even from plans is fine, providing the deal is done property. There is also an advantage to buying off-plan as it is often cheaper than buying a completed and ready-for-immediate-delivery property; also, stage payments apply.