Loans for Renovation

Renovate your house or your holiday home with our help, fast and easy!

Our loans for renovation purposes, apply to permanent residents of Cyprus for the purpose of extension/renovation of existing house of permanent residence, extension/renovation of a holiday home, extension/renovation of a house/apartment purchased for investment purposes or transferring a loan from another bank.

Main characteristics:

  • Variable Interest rate based on the Bank’s housing Base Rate, for the entire loan period.
  • The loan amount is from €20,000 to €150,000.
  • The repayment period is from 10 to 40 years with maximum age of applicant at loan maturity the 65th year of age. The loan is to be repaid in monthly installments.
  • For renovation of current home of permanent residency - Minimum contribution of applicant 30%.
  • For renovation of a holiday home or a house that was purchased for investment purposes - Minimum contribution of applicant 40%
  • Possibility of a grace period on capital for up to 2 years. During the grace period, the client is liable to pay only interest.

Warning
The Bank reserves the right to reject any application at its discretion and withdraw or modify any of the schemes at any given time. The approval of the Loan is subject to the Bank obtaining sufficient tangible / intangible collateral. The interest rate and loan installment may be changed by the Lender from time to time.

You run the risk of losing your real estate assets if you fail to keep up mortgage installments or installments on any other loan secured by a mortgage on your property.

To view informative leaflet please click here

For more information on the loans, interest rates and full terms and conditions you may visit any of our branches.

If you know the loan amount you need, use the Loan Calculator

 


For more information on our products, please visit a USB Bank branch