Marfin Laiki Bank is in the position to examine requests for Loan facilities by Non-Residents for the purchase of immovable property in Cyprus.

Our Bank’s main parameters for providing property lending to non-residents are the following:

· Loan amounts of up to 80% of the purchase price of the property
· Unlimited amount of loan
· Loan facilities in foreign currency are repayable over a period of 15 years (with a right for renewal for a further 15-year period) by monthly, quarterly, semi-annual instalments, whereas loan facilities in local currency (Euro) are repayable over a period of 40 years, subject to the Bank’s approval. (Maximum age of borrower on maturity of the loan is 70 years)
· The interest rate to apply on these loans will be Libor + margin up to (1,75% - 2,50%) and the customer can borrow in a number of currencies, (i.e. GBP, CHF, USD) subject to the Bank’s final approval. For loans in Euro, the interest rate to apply will be 3month Euribor + margin up to (1,25% - 1,50%), subject to the Bank’s final approval.
· The valuation cost of the property is payable by the applicant irrespective of the outcome of his application
· Upon the establishment of the loan facility and in addition to the valuation cost, the applicant will have to pay an ¨arrangement fee¨ of up to 1,50% of the loan amount and ¨documentation¨ fee of up to EUR512,58/CYP300.

As security, the Bank will require the following:
· First Legal mortgage on the immovable property to be purchased or cash collateral, or assignment of the sale contract supported by a bank guarantee from the seller (or waiver, subject to the Banks' approval). In case the property under development is already mortgaged in favour of Laiki Bank, no bank guarantee will be required - In addition, a personal guarantee should be offered. · Assignment of a term life policy, depending on the credit assessment
· Assignment of a Fire/Earthquake Insurance Policy · The borrower will have to pay his contribution towards the purchase price of the property prior to or in parallel with the release of the loan funds

Requests for financing which do not fall within the above parameters can also be examined on a case-by-case basis.
Other associated costs:
· Mortgage fees 1% on the amount of the mortgage amount, payable to the Land Registry Office
· Stamp Duty 0, 15% on amounts up to EUR170.860,14/CYP100.000 and 0,2% on amounts over EUR170.860,14/CYP100.000.

WARNING: Your immovable property is at risk if you do not adhere to your repayment schedule on a mortgage or on any other loan secured by a mortgage on your immovable property.

Additionally, and in order to enable the proper credit assessment of each application, the following must be provided by each applicant:

· Photocopy of the applicant’s passport (the page with the photograph and personal information)
· Bank reference from his/her existing Banker
· Details of the property to be purchased supported by a copy of the sale contract
· Full residential address and date of birth
· Proof of income (copies of last 3 months' salary advices / copies of last
· 2 years' tax clearance / certificate from the employer or the accountant)
· Guarantor details (name, full residential address, copy of passport or identity card, details of employment proof of income) - Copies of the down payments made by the applicant against the purchase price
· Statement of assets and liabilities duly signed by the applicant.

The interest rate and the instalment of the housing loan may be varied from time to time by the Bank.

The granting of the housing loan is subject to adequate securities in favour of the Marfin Laiki Bank and the Marfin Laiki Bank may at its absolute discretion reject any application in accordance with its lending policy.

APR 8.13% - The Annual Percentage Rate (APR) was calculated on 21.05.08 for a loan amount STG6000 (Sterling Pounds) loan duration 15 years (6monthly instalments), pricing consisting of the 6 month Libor of STG (5.8469% on 21.05.08) + margin 1.75%, arrangement fees 1%, documentation fees €50 and capitalisation of interest twice a year.

For more information please contact

	call Laiki Telebank at 8000 2000 (no charge) or +357 22 88 77 if calling from abroad
	Marfin Laiki Bank branches