Bank of Cyprus (BoC) has become the first lender on the island to allow customers to apply for a mortgage loan entirely online, with responses provided within 24 hours.

The new service, available through Internet Banking or the BoC Mobile App, enables customers to complete the process from the comfort of their home without visiting a branch.

According to the announcement, applicants can upload the necessary documents electronically, choose between fixed or variable interest rates, and select from the bank’s housing plans.

They also receive alternative solutions tailored to their financial data and immediate information on the progress of their application.

When submitting a request, customers are asked to provide basic information about the property, whether it is a primary residence, holiday home or green house, as well as the requested loan amount and duration. Personal and financial data must also be included, and in cases where the application is submitted jointly, information on both applicants, such as a spouse or common-law partner, is required.

Proof of income and collateral are examined as part of the process.

BoC said the new system has been designed to be simple, fast and transparent, giving customers an understandable experience from start to finish.

The bank noted that acquiring a home is often one of the most important decisions in people’s lives, and technology now makes the process easier.

Retail Banking Director Theodosis Theodosiou said that acquiring a home is one of the most important decisions in customers’ lives.

“Through the new Online Mortgage Loan service, we enable our customers to take this step with greater ease, leveraging the capabilities of technology for a fast, simple and transparent process,” he added.

The bank concluded that the launch forms part of its ongoing investment in digital upgrading and innovative solutions, aimed at improving the overall customer experience.