Loan to Value (LTV) depending on the purpose of the loan and your country of residence:
Floating interest rate based on Saron / Sonia / Sofr monthly duration for CHF/GBP/USD respectively plus a fixed spread for the entire tenor of the loan, from 1.90% to 3.00%.
The loan interest rate spread is determined after evaluating your loan application by the Bank according to its prevailing credit policy, considering factors such as credit history, type of collaterals, loan amount and loan tenor.
The amount of the instalment may vary, depending on the fluctuation of the interest rate. In case of non-insurance against LIFE/Permanent Total Disability risks, there may be an increase in the above-mentioned spread.
APR (Annual Percentage Rate of charge) INDICATIVE ΕXAMPLE
For a mortgage amount of 100,000 CHF/USD/GBP, with property collateral, repayment duration of 30 years, i.e., 360 monthly instalments, floating interest rate SARON/ SONIA/ SOFR monthly duration (1.40% /5.24%/5.44% on 12/06/2024) plus a spread of 3.00% (plus levy Law 128/75, 0.12%), Application Examination Fee: 500€, Legal Check Cost: 50€, Technical Check Cost: 150€, the following applies:
Loan in CHF
Monthly instalment: 507.87CHF
Total Credit Amount: 100,000 CHF
Total Credit Cost: 83,589.94CHF
Total Amount Payable: 183,589.94CHF
APR: 4.68%
Loan in GBP
Monthly instalment: 759.01GBP
Total Credit Amount: 100,000 GBP
Total Credit Cost: 174,069.36GBP
Total Amount Payable: 274,069.36GBP
APR: 8.76%
Loan in USD
Monthly instalment: 773.88USD
Total Credit Amount: 100,000 USD
Total Credit Cost: 179,594.54USD
Total Amount Payable: 279,594.54USD
APR: 9.01%
It is noted that the APR was calculated based on the assumption that the floating interest rate remains at the same levels for the entire tenor of the loan. It is clarified that the APR, the monthly instalment, and the total amount payable are mentioned exclusively for example purposes and result only on the condition that the aforementioned data exist.
We emphasize that insuring the designated property against Fire/Earthquake risks is mandatory for an insured capital equal to the reconstruction value of the property. There is an option to join a group insurance policy that the Bank concludes with an insurance company of its choice or to submit an individual insurance policy contract from an insurance company of your choice, according to the policies and procedures of the bank. The cost of insuring the designated property for Fire/Earthquake and LIFE/Permanent Total Disability risks of the borrower is not included in the above example.
Loan Tenor
From 3 to 30 years depending on the purpose of the loan and your country of residence. Specifically for customers living in Greece and receiving income in one of the currencies CHF, GBP, USD, the loan tenor can be up to 30 years. It is noted that the age of the borrower at the end of the loan cannot exceed the 70th year or the 75th in the case of a resident of Greece.
Disbursement
Depending on the purpose of the loan:
- Purchase of a ready-made property – lump sum
- Purchase under construction, erection, completion, renovation, repair – partial disbursements based on the progress of the construction
Repayment
In monthly instalments that repay interest, principal, and insurance premiums. Insurance premiums are paid monthly if you join the Bank's group insurance policy against Fire/Earthquake or Death/PTD risks.
Payment of the mortgage instalments is made automatically from your deposit account.
Each instalment is paid on the same date each calendar month and its amount is calculated based on the prevailing interest rate and the number of instalments. Interest is calculated on a calendar year of three hundred and sixty-five (365) days. The number of instalments is determined according to the tenor of the loan chosen by the customer.
Non-compliance with obligations from the loan contract may have legal or financial consequences for the borrower.
Option for Early Repayment
Full or partial early repayment at any time, without charge for the prematurely repaid capital.
Collateral
Secured with property prenotation or cash collateral.
Insurance Coverages
- Mandatory Property Insurance against Fire-Earthquake for insured capital equal to the reconstruction value of the property
- Life Insurance & Permanent Total Disability of one of the borrowers, for insured capital equal to the approved limit of the loan.
- In case you join the group insurance policy that the Bank concludes for the above risks, the insurance premiums are paid every month with your loan instalment
