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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

Home plan from tomorrow for 10 thousand borrowers

After months of discussions, the Home Plan is being implemented from tomorrow and in practice, which will help protect the main home of borrowers with red loans. Applications will start tomorrow, which will last until November 15.

   
The plan is expected to involve 10 thousand borrowers. The Treasury estimates the gross value of the loans to be incorporated into the Estonia Plan will amount to € 3.4 billion, while the total cost to the state over the 25 years of the project's life cycle was estimated at € 815 million (33 EUR million per year).
 
 
Potential beneficiaries of the Estonia Plan are borrowers whose loans were unsecured on September 30, 2017, while the market value of their home should not exceed € 350 thousand. 20 mm to 60 mm and depending on the family composition. The state will subsidize 1/3 of the amount of borrowers joining the Plan each year. The first payments by the state are due around March 2020.
 
 
READ ALSO:  Home: Applicants must state everything
 
The banks have already contacted their clients who meet the criteria and some of them have already prepared their applications, which are posted on the website of the Ministry of Labor. Interested parties should submit their applications to the bank or credit repurchase company in which they hold their loans and participate in the Home Plan. 
 
The Bank of Cyprus estimates that 4,000 of its customers with 10,000 euros of non-performing loans worth € 840 million may participate in the Project. The bank has already contacted its 3,500 customers, the majority of whom have expressed interest in joining the Plan.
 
READ ALSO:  User Guide for the Home Design project
 
Completing the applications for more than 763 borrowers with loans of € 211 million is at an advanced stage. 
 
As for KEDIPES, the accounts that meet the criteria of the Home Plan amount to approximately 7,300 and have € 1.3 billion loan balances). According to KEDIPES, meetings have been arranged so far with some 300 customers who have already collected the required information, and a significant number of clients are presenting daily to Altamira offices to receive requests. 
 
READ ALSO:  The Group of 12 will decide on Home
 
Hellenic has sent around 1,050 letters for loans worth around € 250 million. 
 
The project involves Bank of Cyprus, Hellenic Bank, Cyprus Asset Management Company (KEDIPES), Alpha Bank, Astrobank, Eurobank, National Bank of Greece, the Housing Finance Agency and Gordian Holdings.