Cyprus-Forum.com

by **symbol** » Wed May 30, 2007 9:59 am

Hello everyone Iam a new member to this forum.
I was looking for information on the internet and I came across this forum.
I have browsed the forum and I find this to be a very good source of information, so I decide to become a member here.
Finally, I hope I will be welcome here.

I have a big question, my first question in the forum.

I have been living in cyprus for the last two years. I work here on a temporary work permit, which is renewed every year.
Iam thinking of buying a house or an apartment in Cyprus, can I? Iam not a EU citizen, so I believe that makes things difficult.
Will I be eligible for a bank loan, an housing loan to buy property?

raj

by **jambo** » Wed May 30, 2007 10:06 am

I would imagine that you would be able to do this.
the thing with the banks is they will give anyone a loan, as long as you have a deposit.
though i think that you do have to get permission, though this is just a formality ...

by **symbol** » Wed May 30, 2007 12:56 pm

permission from whom?

by **Svetlana** » Wed May 30, 2007 1:31 pm

As a non-EU national you will require approval form the Council of Ministers.

Lana

by **symbol** » Wed May 30, 2007 1:43 pm

how do i get their permission?
is there any place where i can get all the information related to my query?

i look for a house, i get a loan, i get the approval from the council of ministers and finally if the approve i can buy something.
is this the order of doing things?

by **Get Real!** » Wed May 30, 2007 1:49 pm

symbol wrote:I have been living in cyprus for the last two years. I work here on a temporary work permit, which is renewed every year.
Iam thinking of buying a house or an apartment in Cyprus, can I? Iam not a EU citizen, so I believe that makes things difficult.
Will I be eligible for a bank loan, an housing loan to buy property?
raj

Read the section “Acquisition of immovable property by foreigners”.

http://www.cyprus.gov.cy/portal/portal. ... enDocument

With regards to home loans you’d best enquire with individual banks because I’m sure they all have there own unique rules. You might want to pay the Arab bank a visit as they probably deal with a lot more foreigners seeking loans than local banks. Good luck.

Regards, GR.

by **Svetlana** » Wed May 30, 2007 1:50 pm

Firstly see if a bank is willing to give you a loan and see how much they will loan you, then search for a house, then get a solicitor (lawyer) who an make the application on your behalf.

Lana

by **symbol** » Wed May 30, 2007 2:49 pm

How long is the approval process? How much does it cost?
What are the chances of the application being rejected?
In that case can I apply again?

by **Bill** » Wed May 30, 2007 3:27 pm

symbol wrote:How long is the approval process? How much does it cost?
What are the chances of the application being rejected?
In that case can I apply again?

Usually takes about 6 months.

Cost is factored into the solicitors costs for buying the property -- don't know how much exactly but I wouldn't worry to much about it.

Depends on which country you come from -- but there is little chance of being refused / rejected .

When I did it a few years ago I had to show my bank statements to prove I had sufficient funds and wage slips to prove my income -- even though I only wanted to buy a property not actually live there .

Even EU nationals that are not resident in Cyprus have to apply for the council of ministers permission to buy and can only buy one property -- things are due to change soon but that's how it is at the moment.

Things may have changed slightly but I'd imagine not to much .

If you have been involved in any criminal activity in your own country you may get refused .

As for getting a loan -- it depends on the country you come from and how much you put up as a deposit -- as you work and live in Cyprus it may be a little easier for you --- it's a lot easier for EU nationals.

You will probably have to put down a minimum of 30% as a deposit.

If you are really interested in buying a home in Cyprus I would go to the bank first to see how much they could lend you -- then look for a property in that price range -- then let the solicitor dealing with your house purchase sort out the other matters like permission to buy.

There is no problem in occupying your home once you have bought it and are still waiting for permission from the council of ministers .

Bill

by **jambo** » Wed May 30, 2007 3:56 pm

I think it would be a good idea to go the way lana and bill suggest.
No good, running after Gov-Depts, if you aint got a mortgage offer in the first place..

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