- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Bank of Cyprus offers cheap housing loans

As part of its efforts to kick start the Cyprus economy the island’s largest financial institution, the Bank of Cyprus, is offering attractively priced loans of up to EUR 1.5 billion earmarked for housing, business and the hotel/construction industries.

The Bank of Cyprus Group General Manager Domestic Banking, Vassos Shiarly, announced details of the loan schemes during a press conference in Nicosia. Of the total € 1.5 billion package, up to € 800 million are geared to soft loans for housing and businesses wishing to own their own premises.

The Bank of Cyprus has also earmarked € 100-200 million for the construction and hotel sectors in need of working capital. And it intends to play an active role in the distribution of a total of € 300 million under the soft loan packages to be provided by the European Investment Bank.