Mortgage Loans in Greece.
Cedar Bank and Cyprus Bank grant mortgage loans in Greece to Russian citizens.
Terms and Conditions of Mortgage:
Term of mortgage: up to 10 years.
Bank service fee: 1% of the total loan amount.
Borrower’s own financial recourses: at least 40% of the price of property he intends to buy
Interest rates may differ and amount to 9% per year or higher.
Mortgage is secured by the borrower’s property obligations. The property he intends buying serves as a guaranty against the borrower’s failure to pay back the mortgage. In such case the bank is entitled to sell the property. Cedar Bank branches located in Greece as well as some Greek banks which grant mortgage loans to foreign citizens provide Russian buyers an additional opportunity to purchase property on Aegean Sea coast.
Most banks request the following documents:
1. The borrower’s passport and internal passport; his marriage certificate (in case the borrower is married)
2. The borrower’s Statement of Employment (concerning his position, work experience with the current employer, monthly/annual salary).
3. The borrower’s Tax Statement/ Tax declaration (NDFL) covering the previous 3 years.
4. Copies of documents confirming other income (for example, property rent contract etc).
5. Copies of documents proving his title with regard to his movable and/or immovable property (for example, a vehicle)
6. The borrower’s Bank Statement (including his bank story concerning the time he’s been using this bank and his bank operations)
7. Bank statement concerning the borrower’s bank operations and proving that he is in possession of his own funds which amount to at least 40% of the property price.
8. Property Purchase contract (preliminary or final) stating the mortgage amount or the first installment.
9. Documents concerning property particulars (construction permission, design plan etc).
For complete list of documents required kindly apply to Cedar bank office in Russia or Cyprus bank offices in Greece.