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LOAN FOR HOUSE RENOVATION
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The cost of buying or building a house keeps rising. Marfin Laiki Bank offers you the opportunity of renovating your existing house through its new renovation loans. Through a simple procedure you can receive a loan in 48 hours. The loan applies to private individuals who are owner-occupiers of a residence and covers the following:
- Renovation
- Extension
- Restoration
- Improvement
ADVANTAGES OFFERED TO YOU
- Applications accepted upon presentation of invoices, receipts or certificates from the architect/ contractor (no need for verification from the Banks' architect).
- Available in a number of currencies (i.e. EUR, GBP, CHF) subject to the Banks' final approval.
- Ability to hold monthly instalments for the duration of the renovation (maximum period:2 years) and pay only interest for the next three years.
BENEFITS ACCRUING TO YOU
- Increase in value of the existing property
- Sprucing up of the existing residence and a more comfortable life
LIFE INSURANCE REQUIRED
Taking out a Term Life Insurance policy is required and the premium is paid in advance on a yearly basis. The original amount of your loan is covered by the insurance in the event of death caused by an accident or illness.
SPECIAL FEATURES
Renovation loan, without tangible security
- Available to private individuals (Cyprus nationals)
- Amount of loan: from EUR8.543/CYP5.000 to EUR20.503,21/CYP12.000
- Maximum duration of loan: 7 years (maximum age of borrowers on maturity of the loan:70 years)
- At least one personal guarantee is required. In addition, life insurance as well as fire/earthquake insurance (where applicable) must be assigned.
Renovation loan with tangible security (based on the HOMEIMPROVE scheme which is available until 31/12/2008)
- Available to private individuals (permanent and non-permanent residents of Cyprus)
- Amount of loan: Unlimited
- Loan duration: available up to 40 years in Euro and up to 15 years (with a right for renewal for a further 15-year period), for loans in foreign currency. Maximum age of borrower on maturity of the loan is 70 years.
- Tangible security is required. In addition, a personal guarantee and assignment of life insurance and fire/ earthquake insurance, are also required.
- For loans of up to 10 years duration, assignment of life insurance is not required.
WARNING : you run the risk of losing your immovable property if you do not pay regularly the instalment of the mortgage or of any other loan which is secured by a mortgage on your immovable property.
The rate of interest and the repayment instalment of the housing loan may be altered by the mortgagee-creditor from time to time.
The grant of the loan entails the payment of charge of EUR34,17/CYP20 – EUR512,58/CYP300 for preparing the documents and arrangement costs of 0,25% up to 1,50%. The grant of the loan is subject to obtaining satisfactory 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 at the time.
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