Home improvement loans in Cyprus??

Financial questions answered by Independent Financial Advisor Mark Nowell

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Home improvement loans in Cyprus??

#1 Post by tincanalley » 07 Dec 2011 22:26

Hello Mark,

I wondered if you would be able to inform me of the ins and outs of secured ( on the property with title deed) home improvement/personal loans in Cyprus for non residents. It would be for an inherited central Nicosia app/office in a very in demand location with title deeds. I am planning on either renting out or selling the property. Agents have quoted me 400K euros sale and 14-20K per annum rent depending on if it was rented as an office or flat. The office would cost more to renovate.

The renovation/decoration cost and removal of things in the flat would cost a minimum of 15K euros . The problem is that I am a freelance in the arts ,and although work, have not had a pay cheque for just over a year. Hopefully I will be starting a new project in Feb 2012 which will keep me gainfully employed for at least 5 months.

Will getting a secured loan in Cyprus be hard for me. I have had 2 Cyprus bank accounts but the balances are both very low.

Thankyou in advance

Posts: 495
Joined: 26 Jan 2008 14:44
Location: Famagusta District

Re: Home improvement loans in Cyprus??

#2 Post by Pantheman » 09 Dec 2011 12:06

Hello Tincanally,

getting a loan here is like anywhere else. You have to be able to prove you can make the repayments.

By having title deed property surely does get you a loan easier, but you would be risking your inheritance if you run inti financial problems.

Now, if you can get the loan, referb and rent quick enough before your income dries out thats great, but, it is a big risk.

May I suggest, that until you have a steady income, you wait until you are able, financially to do this, or perhaps a family or friend could help.

You could always offer it as is, for offices, get the tenant to fork out the refurb costs and no rent for 1-2 years. This means you would have done it with no risk and if he takes it on, he is more likely to stay put.

In the end, the bank would need to be satisfied about your income to get a loan anyway. don't risk your property, especially if its in a good location.

Good luck.

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