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Cyprus Eastern Forum Index » Legal Questions & Issues » Bank of Cyprus Loan wording
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Bank of Cyprus Loan wording 
Post: #1   PostPosted: Mon Jan 16, 2017 1:29 pm Reply with quote
No4
Joined: 28 Jan 2009
Posts: 63
Pictures: 0
Location: Agia Napa

 
Hi all.
I'm looking at my loan application for a house i bought back in 2007 and although it states that a grace period of 24month will be applied on interest and capital for the repayment of the loan interest was added to the loan over this 2 year period.
The loan doesn't state anywhere that interest will be applied over this 2 year period.

Is this something i could challenge the bank with a lawyer and attempt to recoup some of the interest added to the loan over the 2 years?

Thoughts from professionals welcomed.
Regards.
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Re: Bank of Cyprus Loan wording 
Post: #2   PostPosted: Mon Jan 16, 2017 1:43 pm Reply with quote
devil
Joined: 28 Jul 2008
Posts: 5505
Pictures: 1
Location: Mosfiloti

 
No4 wrote:

The loan doesn't state anywhere that interest will be applied over this 2 year period.


Does it state that interest will not be applied? I'm not an expert but it would seem to me normal that interest would be applied during the grace period to be accounted at the end thereof.

You can try contesting this yourself with your banker, but you would lose many shekels if you tried to contest it through a lawyer, especially if the contract stated something like a start date for the loan AND interest.

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Post: #3   PostPosted: Mon Jan 16, 2017 2:00 pm Reply with quote
baileyboy
Joined: 26 Nov 2009
Posts: 1797
Pictures: 0
Location: avgorou

 
Agree with Devil. Ask your bank for a full explanation as to why they have applied interest during the grace period. The agreement might be a bit confusing as the small print can often be miss read. It could be that the bank will allow you one month's payment holiday during the first year but this month's payment will still be collected by the bank, say at the end of the mortgage.
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Bank 
Post: #4   PostPosted: Wed Jan 18, 2017 6:47 pm Reply with quote
emanon
Joined: 19 Jul 2007
Posts: 827
Pictures: 0
Location: Oroklini

 
Hello

From my bitter experience, it would be wise to have the contract looked at in great depth, and bear in mind that 'nothing is free' especially in Cyprus. I would assume that the interest will rolled up to the loan.

Happily, I can advise that the manager of the Makrasaka Co-op bank in Larnaca has left -was it something I said?!! Wink
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Re: Bank of Cyprus Loan wording 
Post: #5   PostPosted: Wed Jan 18, 2017 7:51 pm Reply with quote
pantheman
Joined: 27 May 2006
Posts: 4899
Pictures: 0
Location: Ammochostos

 
No4 wrote:
Hi all.
I'm looking at my loan application for a house i bought back in 2007 and although it states that a grace period of 24month will be applied on interest and capital for the repayment of the loan interest was added to the loan over this 2 year period.
The loan doesn't state anywhere that interest will be applied over this 2 year period.

Is this something i could challenge the bank with a lawyer and attempt to recoup some of the interest added to the loan over the 2 years?

Thoughts from professionals welcomed.
Regards.


Regardless of wording, it is implied that the interest will be added. They are there to make money. They don't care about you or me. The offer of the grace period is to make it a little easier for some people in times of hardship but the interest is always payable.
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Post: #6   PostPosted: Wed Jan 18, 2017 7:57 pm Reply with quote
Dave B
Joined: 25 Jan 2007
Posts: 1982
Pictures: 0
Location: Paphos Cyprus

 
Something similar happened to us with a 2007 loan. I went to see my lawyer and she took me to the Greek small print which she translated as "regardless of the above agreement Bank Of Cyprus can amend any part of the agreement without my consent". I paid up the loan and walked away. Although I still use BOC I would never borrow from them again or indeed deposit any large sum.

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Bank of Cyprus Loan wording 
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