FIELD DEFINITION INSTRUCTION
STEP 1: PROPERTY DETAILS
Project A complete portfolio of projects built by Pafilia Select a project in order to view the available properties.
Property These are the properties available for the project. Select your property for the chosen project from the list of available properties. Once chosen, this will display the type of property as well as the delivery date.
Property Price The value of the property, including VAT if applicable.These prices are correct at the time of update but can be subject to change. This value can be changed in step 1 only. If necessary you may revert back to the original value by pressing the "Reset Property Price" button.
Contract Date This is the date that the property will be purchased. Click the calendar to select the date of signing the contract.
STEP 2: CLIENT DETAILS
Client's name The name of the client Enter the client's name, for couples enter both names. (optional)
No of properties in Cyprus This optional field is used primarily by the Credit Control Dept. and for statistical purposes. Enter the number of properties the client has already aquired in Cyprus excluding the current purchase. (optional)
Client's Currency This is the client's income generating currency and not the currency that they wish to take the loan out with. Select the currency of the client's income
Monthly Income This is the average monthly income in the client's currency. Enter the client's average monthly income. For couples enter the total income for both.
Other Instalments This is any other loan instalment obligations (including property loans) that are ongoing with the client at the time of the calculation. Enter the amount for any other ongoing instalments, if the client does not have other instalments, please enter the amount as 0.
Client's Age This helps the banks determine the duration of the loan. The "Show Info" button displays the minimum and maximum age limits for each bank.
STEP 3: LOAN DETAILS
Bank The bank financing a development. Only shows the financing bank due to favourable payment terms for the client.
Instalment to Income This is dictated by the bank and is the ratio of what the bank accepts as a percentage of the monthly loan instalment to the client's monthly income. Dependant on the chosen bank, this can differ.
Bank Loan Age Validity This is the minimum to maximum age range for the bank. Dependent on the chosen bank, this can differ.
Maximum loan duration in years Based on the chosen bank and the clients age. This will give you the maximum length of time for the loan. The client will have the option to enter their preferred loan duration later in Step 3.
Maximum Instalments monthly Based on the installment to income ratio of the bank selected.This value is automatically calculated from the clients monthly income minus any other instalments entered in Step 2. This is further multiplied by the installment to income ratio.This is based on the client's currency. The client will not be able to edit this field. It is set for calculation purposes.
Loan Currency This is the currency that the loan will be calculated in. Select the loan currency of choice which is available for the selected bank.
Loan Max Instalments monthly If the loan currency differs from their own currency, this field is used to display their maximum instalments in the loan currency chosen. The client will not be able to edit this field. It is set for calculation purposes.
Interest Rate This rate is set by the bank and varies accordingly to the loan currency selected. This field is automatically generated from the chosen loan currency and cannot be edited.
Exchange Rate This is fed from XE.com and is updated on a daily basis. The EUR is the base currency. This is the exchange rate set by XE.com and cannot be edited.
Scheme Constraint Certain scheme have constraints such as minimum loan periods etc. This is set by the bank and has a bearing on the subsequent calculation variables.
Initial Contribution This is the percentage that the client will put down against the property value without requiring finance. Enter the percentage of the value of the property that will be paid without finance. This will then show the percentage that will be financed and split the property price in Step 1 in two amounts. The loan amount will be converted into the loan currency chosen.
Bank loan finance This percentage is automatically calculated based on the initial contribution. The bank will finance whatever is remaining after the initial contribution of the property price. This is also converted into the currency of the loan selected and is used for the calculation of your instalments. This is automaticaly calculated based on the initial contribution.
Loan in Years The duration that the loan will be taken over. Enter the duration of the loan in whole years making sure that it does not exceed the maximum possible loan duration.
Loan Start Date This is the start date of the loan payments. This is usually 1-2 months after the property purchase date. Select the date that the first drawdown from the loan will be made.
Loan End Date

This is calculated from the loan start date and the loan duration entered.

 This is automatically calculated after you select the start date of the loan.
Interest and capital grace period The period during which the client does not make any payments to the bank for the loan. During this period, the loan balance increases due to the interest being capitalised. Enter the number of months that no payments will be made (interest or capital). If no grace period is taken, please enter the amount of 0.
Interest only payments The period of the loan where the monthly loan instalments consist of interest only. During this period, the loan balance remains unchanged. Enter the number of months where only interest will be paid. If no interest payments period is taken, please enter the amount of 0.
Scheduled payments During this period, the client pays towards the loan only the standard scheduled mortgage payment. Enter the number of months where only scheduled payments will be paid. If no scheduled payments period is taken, please enter the amount of 0.