What does DIP mean?
DIP stands for 'Decision in Principle'. This is a form that contains information regarding your financial status. This form is sent to various banks for review and the banks will reply based on the information you have given. It is very important that you answer the questions honestly on the DIP.

How soon will I know if I can get a loan or not?
Once the DIP is sent to the banks, you should have an answer in about two working days.

Does a positive response to the "DIP" mean my loan is approved?
No, the DIP is a prerequisite for any loan. Approval is only given once you have sent to the bank all the supporting documents, proving that the answers you gave on the DIP were true.

How long will it take to get the loan?
The process generally takes approximately 4-6 weeks.

Do I need to be in Cyprus in order get the loan approved?
No, you don't need to be in Cyprus , - we will take care of all the paperwork and liaise between yourself and the bank. After the loan is approved you will need to come to Cyprus for your medical examinations needed for your life insurance and to sign your pre-approved official loan application.

What will banks in Cyprus take into account before approving a loan?
Banks in Cyprus generally look at three things when considering a loan:
Security - Collateral that will be put down towards the loan; this is generally the property that you are purchasing.
Ability to repay - Banks will look at your monthly income and outgoings to make sure you are able to repay the loan.
Contribution - The total amount you are willing to put down towards your loan, usually between 20 - 30% of the property purchase price.

What do you mean by 'Security'?
Security means collateral that you will put down towards the loan. All banks need to have some kind of security from which they can claim the money they loan back, in case of loan is not paid for any reason.

What is 'off plan'?
This is when you buy a property at the planning stage, before it is built. You will be shown the site plan and see the exact location of your plot in the development.