We support actions that contribute to the strengthening of society and the Cyprus economy

AstroBank continues to stand by its customers and Cyprus’ society by continuing to participate in the Interest Subsidy Scheme on New Housing Loans, which the Council of Ministers has decided to extend until 30 June 2021.

The Scheme covers loans of up to €300,000 for the purchase or construction of a primary residence, while part of the loan can also be used to purchase a plot. The Scheme does not cover loans to renovate existing residences or loans to purchase or build a holiday home or professional space, or for investment purposes.

The interest rate applicable to all loans is the 6-month floating Euribor, with a threshold of zero (0), plus a margin. The maximum interest rate margin is set, according to the Scheme, at 2.25%. The Ministry of Finance will subsidise up to 1.50% of the total interest rate for the first four years of the loan.

To make the Scheme even more attractive, but also helpful for society and the Cyprus economy, AstroBank has introduced additional benefits that include:

• Preferential interest rate: Depending on the loan profile, customers have the ability to borrow with a margin starting from 1.80%.
• Insurance discount: AstroBank is offering a 50% discount for the first year and 25% for the second year, on house insurance by Atlantic Insurance.
• Early repayment: In the event that a customer wishes to pay off their loan early, they can do so without any additional early repayment fees.

Aware of the ongoing challenges created by the Covid-19 pandemic, AstroBank reiterates its commitment to support actions that contribute to the strengthening of society and the Cyprus economy.

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