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Bank of Cyprus: Loans with a fixed interest rate and a fixed installment

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Bank customers can choose a mortgage with a fixed interest rate for 3.5 or 10 years

Τραπεζα Κyπρου: Δανεια &mu ;ε σταθερo επιτoκιο και σταθερor &delta ;oση

THE COUNTRIESof the Eurozone are experiencing a continuous increase in interest rates from 27 July 2022, after the Governing Council of the European Central Bank decided to raise interest rates, for the first time in 11 years, to achieve a timely return of inflation to lower levels.< /p>

Effects on bank loans

With this decision, mortgage interest rates are rising. So most borrowers are looking for solutions to maintain a balance in their family budget but at the same time realize their dream of owning their own home, ensuring that they will be able to pay their loan installment, as long as they know in advance its amount.

Bank of Cyprus is a pioneer, offering its customers a Mortgage Loan with a fixed interest rate and a fixed installment for a full 25 years.

The fixed interest rate solutionfor a mortgage loan is a solution that works as a “shield” but also an antidote to the uncertainty of inflation.

“Shelter” of stability

< The Bank of Cyprus, as the largest financial organization in the country, considers that in these difficult times there are "refuges" of stability, which are important for borrowers to know in order to make the best choice according to their needs. Thus, it gives them the possibility to "lock in" the amount of their loan installment, without being affected by a possible rise in interest rates. However, it should be noted that there will be no benefit from a possible reduction in interest rates. The customersof the Bank can choose a mortgage loan with a fixed interest rate for 3.5 or 10 years. Thus, their installment remains fixed until the end of the fixed rate period, at which time their loans will also be converted into floating rate loans. These options are offered to permanent residents of Cyprus, who wish to acquire their own first home with financing that can reach up to 80% of the value of the property. The repayment period of the loan can reach up to 35 years.

Fixed interest rate and fixed installment

The Bank of Cyprus leads the way, offering its customers a choice for an even longer duration of stability. Mortgage Loan with a fixed interest rate and a fixed installment for the entire duration of the loan, which is 25 years. Whatever the customer's desire, buying or renovating a first home or vacation home, with the mortgage loan with a fixed interest rate for its entire duration and repayment in 25 years, he can do it without worrying about his installment.

< p>For loanswith a fixed interest rate in case of early repayment (full or early payment), there is an early repayment cost. For more information you can contact the branch network or the Bank of Cyprus website.

Home insurance from General Insurance

To feel< /strong> more security in your new home, General Insurance offers you a comprehensive home insurance plan that provides you with coverage beyond what is expected.

The HomeHome strong> Superioris the Plan that provides the maximum possible coverage and is, perhaps, the most comprehensive insurance Plan on the market: to cover theft (without tampering), breakage of glass and mirrors, automatic reinstatement of sum insured (on demand) and replacement of locks.

The Plantakes you a step further than other home insurance policies on the market, as in addition to expanding the coverage provided (fire, earthquake, theft, replacement value compensation, inflation protection, travel luggage coverage, credit card coverage, loss of rent, civil and personal civil liability etc.), provides you with a range of additional covers.

In particular, it pays for loss or damage to the Building, Outdoor Spaces, Contents, Outdoor Objects or in Valuables

Items (depending on what you insure) caused by:

• Fire and smoke

• Direct lightning strike

• Explosion

• Impact of aircraft or other flying objects, etc.

• Earthquake

• Storm, storm including flood, hail and snow damage.

The capof the liability for the coverage of the external spaces against the risks of storm and storm, is limited up to 10% of the insured amount of the building. The maximum limit of the company's liability for the coverage of Outdoor Items against storm and storm risks is limited to 5% of the insured amount of the contents. Engineers, architects and debris removal expenses are also paid, as long as they relate exclusively to the restoration of insured loss or damage.

Home Assistance

Beyond the covers, Home Superior provides the Home Assistance service that facilitates you for everything that can happen at home, emergency or not.

Emergency Home Technical Assistance Service

The Serviceis at your side 24 hours a day for emergencies. With a phone call, a technician will be near you for any emergency repair of damage to your home such as: plumbing and electrical installations, repair of the main entrance lock in case of lost or stolen keys or the lock is not used, replacement of glass in case of broken glass in exterior doors or windows, temporary replacement of TV or VCR or even DVD up to 15 days.

Technician Dispatch Service

The Service enables you to request a quote from specialized technicians of the Technical Assistance Company, with which General Insurance cooperates, for the works you want to carry out in your home. We also offer safekeeping and protection of the insured home by specialized staff, with a maximum duration of three days, cleaning by a special cleaning crew, collection and transportation of the furniture to a place indicated by the insured, safekeeping for a period of up to seven days, accommodation costs in hotel if the insured residence becomes unfit for accommodation and sending an ambulance to safely transport the insured to the nearest hospital.

COMMUNICATION

Website: www .bankofcyprus.com

Email: info@bankofcyprus.com

Phone: 800 00 800 | (+357) 2212 8000 (for calls from abroad)

Source: www.kathimerini.com.cy

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