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At Marfin Laiki Bank we have the solutions to meet your needs and expectations regarding property finance.
Our housing loans cover all your needs as far as:
- Buying a private dwelling / flat, for private ownership purposes (first permanent residence) or as a small investment or
- Building a house or
- Buying land for building a house or
- Buying a summerhouse or
- Renovating, extending, restoring, improving of your home, is concerned, through a series of flexible repayment schemes that are completely tailored to your needs.
Simply tell us the level of monthly instalment you prefer and we will design the loan repayment scheme exactly as you require it.
Some of our housing loans’ main characteristics are the following:
- An unlimited loan amount
- Long-term repayment period (the facility may be repayable over a period of up to 40 years)
- Competitive pricing
- Integrated solutions combining your housing loan with other banking facilities, on preferential terms
- The ability to choose a repayment method based on your income
- A grace period of no interest or capital repayments for the first years of the loan
- Low initial instalments, which rise gradually over time as your income increases
- Ability to suspend monthly instalments for the first years of the loan (maximum period: 2 years) or to pay only interest for the first 5 years
- Ability to pay only 10 or 11 monthly instalments per year.
- Fixed loan instalments throughout the duration of the loan, regardless of any rise or fall in the interest rate
- Ability to deposit lump sums in repayment of the loan, during a month of your choice, without penalty fee charges for early repayment of the loan
- Ability to alternate between fixed and variable interest rate and vice-versa, without any charge
- Ability to select the currency of the facility (subject to the Banks' final approval)
- Ability for the customer’s contribution to be paid prior to or in parallel with the release of the loan.
Interest rates:
A. Fixed Interest Rate
The fixed interest rate is fixed for a period of 1,3,5 or 10 years, regardless of any variations in the Base Rate by Marfin Laiki Bank. It remains fixed for the period you have chosen. At the end of the fixed rate period you can continue with a fixed interest rate, either for the same period again or other period on offer, or you can even switch to a variable interest rate, at no cost whatsoever.
B. Variable Interest
The variable interest rate is based on the current Base Rate, as set by Marfin Laiki Bank, plus margin. One year after you take out your loan you have the option of switching to fixed interest rate, completely free of charge.
Necessary Security:
Registration of a first legal mortgage over the property to be purchased or assignment of the sale contract (which should be deposited at the Cyprus Land Registry) and a Bank Guarantee (or waiver subject to the Banks’ approval) from the Sellers’ bankers. (In case the immovable property is already mortgaged in our favour, then the issue of a Bank Guarantee is not required).
Assignment of borrower’s life insurance policy.
Assignment of fire policy insurance over the immovable property.
Personal guarantees.
Laiki Cyprialife:
Laiki Cyprialife offers a great variety of life insurance schemes, providing:
Financial protection of your family in the event of death, accident or illness
The option of life insurance with guaranteed value upon expiration of contract, so that you may be sure of the repayment of your loan
A choice in the kind of life insurance policy you have: investment or term
The ability for monthly tax relief on your income.
Some of Laiki Cyprialife schemes are:
Cypria Extraplan especially designed to offer a guaranteed maturity value in addition to coverage
Cypria Homeplan, Cypria Global, Cypria MoneyPlus that offer a combination of investment and coverage
Cypria Coverplan that offers high insurance coverage as against a low premium amount.
Laiki Cyprialife offers its customers, at very low premiums, the ability to enrich their life insurance policy with additional coverage, which aims at creating the insurance protection that reflects their own specific needs.
Laiki Insurance:
Laiki Insurance is in a position to provide:
Á.
Protection of your house or flat and or/its contents under the Home Insurance policy, offering over 30 basic and optional low cost covers to satisfy your insurance needs.
Discount of up to 20% during the first year, with a maximum amount of Euro 85,43 (CYP50), on the insurance of your house or flat.
It is a condition that the Insurance must be done directly with Laiki Insurance and should not be part of any other Housing Loan Campaign.
B.
Protection of your business premises and / or its contents under:
(a) Insurance policy for damages caused by fire or theft,
(b) Insurance policy for shop or office, offering you a wide range
of basic and optional covers tailored to your insurance needs.
Discount of up to 20% during the first year, with a maximum amount of Euro 85,43 (CYP50), for insuring your premises and contents of your business
It is a condition that the Insurance must be done directly with Laiki Insurance and should not be part of any other Housing Loan Campaign.
Additional Benefits:
Together with your housing loan, we offer you other banking facilities and products:
· Current Account (traditional or eChecking)
· Credit or Debit Card
· Finance for the purchases of household goods
Response Within 48 Hours:
Marfin Laiki Bank is distinguished for its excellence and quality of service. Our Banking Officers are eager to help you and answer your questions. We are committed to respond to your application within 48 hours.
WARNING:
Your immovable property is at risk if you do not keep up payments on your housing loan or on any other loan secured by a mortgage on your immovable property.
The Bank may vary the interest rate and the instalment of the housing loan from time to time.
For the granting of the housing loan, there is an Advances Documentation Fee of minimum EUR34, 17 (CYP20) and maximum of EUR512, 58 (CYP300). Also, an Advances Arrangement Fee of minimum 0,25% and maximum 1,50% on the amount of the new requested facility, is payable once.
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 customer loan or insurance application, in case the terms and conditions they set are not met.
The Bank reserves the right to modify the minimum criteria / characteristics of the products.
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