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In Cyprus, the banks will give out loans that cover 75% of the property's total value. The costs involved in order to acquire a loan are:
The time taken to obtain a loan is approximately 10 working days if all the documents are provided as requested. The interest rate is fluctuating for the whole duration of the loan for loans in Cyprus Pounds, and there is an option between fluctuating or fixed interest rate according to the renewal period for loans in foreign currency. Repayment can be done through equal monthly installments with maximum duration up to 30 years (no minimum duration). A grace period of up to two years can be given.
The two major banks in Cyprus are:
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