Buying a property in Cyprus is a dream for many — whether it’s a seaside villa, a modern apartment, or an investment property. For most buyers, securing a mortgage in Cyprus is a key part of making that dream a reality. In this guide, we’ll explain everything you need to know about Cyprus mortgages, including eligibility, requirements, interest rates, key banks, and helpful tips.
🌍 Can Foreigners Get a Mortgage in Cyprus?
Yes! Both residents and non-residents can apply for a mortgage in Cyprus. While being a local or permanent resident often makes things easier, international property buyers are also eligible for loans from Cypriot banks, provided they meet certain requirements.
📑 Mortgage Requirements in Cyprus
To apply for a mortgage in Cyprus, banks usually request:
- 💼 Proof of income (salary slips, tax returns, or business records for self-employed applicants)
- 📊 Bank statements (to show financial stability)
- 🧾 Credit history check
- 💶 Down payment (usually 20–30% of the property value)
- 🏠 Property valuation report conducted by the bank
- 🪪 Identification & residency documentation
💰 How Much Can You Borrow in Cyprus?
- 🏠 Residents may borrow up to 70–80% of the property’s value
- 🌐 Non-residents usually receive 60–70% financing
- 💳 The remainder must be covered by your down payment
📉 Cyprus Mortgage Interest Rates & Loan Terms
- 📌 Average mortgage rate (2025): ~3.87%
- ⏳ Loan terms: usually 10–30 years
- 🔒 Fixed-rate options → predictable monthly payments
- 📈 Variable-rate options → tied to the European Central Bank (ECB) base rate
🏦 Top Banks in Cyprus Offering Mortgages
Here are the leading banks in Cyprus that provide mortgage loans:
| 🏦 Bank | 🌟 Key Features | 📊 Rates / Terms |
|---|---|---|
| Bank of Cyprus | ✔️ Variable & fixed options 🌱 Green Housing Loan for energy-efficient homes | ~4.35%–4.50% variable |
| Hellenic Bank | ✔️ Fixed for 3–5 years then variable 👤 Available for expats | ~2.95%–3.10% fixed (intro period) |
| Alpha Bank Cyprus | ✔️ “Alpha Residence” loan 🌱 Special rates for EPC A properties | ~2.45% fixed (first 3 yrs), then ~3.52% |
| Ancoria Bank | ✔️ Financing up to €300k ⏳ Terms up to 35 years | ~3.45% |
| AstroBank | ✔️ Flexible fixed & variable mixes 👤 Expats eligible | ~4.9% (20-year loan) |
| Eurobank Cyprus | ✔️ Up to 70–80% property value 🔀 Mix of fixed & variable options | ~3.75%–4.26% |
💡 Expert Tips from CyprusHomes
- 📊 Compare APRs (Annual Percentage Rates), not just the basic interest.
- 🌱 Ask about green mortgage discounts if your property is energy-efficient.
- 🔒 Decide between fixed vs variable — fixed gives stability, variable can be cheaper but riskier.
- 📑 Budget for extra costs: valuation, legal fees, insurance, and taxes.
- 🌐 Non-residents should prepare more documentation to ensure faster approval.
✅ Final Thoughts
Navigating mortgages in Cyprus is straightforward with the right guidance. By comparing banks, understanding eligibility, and calculating the full costs, you can secure the best financing option for your dream property.
At CyprusHomes, we’re here to guide you through the mortgage process, connect you with trusted lenders, and help you every step of the way.
👉 Ready to explore Cyprus property opportunities? Contact us today and let’s start your journey to owning a home in Cyprus!