What Should A Housing Loan Advertisement Contain?

For many people, the purchase of a house is of high importance, but, in most of the cases, this purchase cannot be done without a loan. Such loans usually take considerable time to be repaid and require the consumer to pay a significant amount from her monthly salary for its repayment.

Thus, it is important for consumers to make informed decisions when getting housing loans and avoid being misled by creditors.

The Consumer Protection Service of Cyprus, acting within the powers granted under the law on credit agreements for consumers relating to residential immovable property (Law 41(I) 2017), issued a Directive addressed to creditors, in an effort to put an end to misleading advertisements for housing loans.