On Tuesday, February 16, AstroBank announced its intention to continue participating in the mortgage interest subsidy program. The program was extended until June 30, 2021 by the Cypriot authorities to support the economy due to the coronavirus pandemic.
As you may know, the subsidy covers mortgage loans taken from March 1, 2020 from a credit institution that participates in the program, as well as loans for the purchase or construction of first property. An obstacle to obtaining interest subsidies is participation in other similar government programs.
According to the criteria of the scheme, the size of the mortgage loan cannot exceed € 300,000, and the loan rate must be no more than 2.3%. The subsidy is valid for 4 years and covers up to 1.5% of the rate.
It should be noted that AstroBank decided to provide other privileges to its clients in addition to interest subsidies, which include:
- Preferential interest rate: clients have the opportunity, depending on the loan profile, to take out loans with a margin of 1.80%.
- Premium Discounts: AstroBank offers 50% discounts on home insurance plans in the first year and 25% in the second year if insuring homes with Atlantic Insurance.
- Early repayment: if the client wishes to repay the loan earlier, they can do it without a penalty for early repayment.
The bank said that recognizing the problems that the coronavirus pandemic continues to create for the residents of Cyprus, AstroBank is ready to support the state's tactic to strengthen the society and economy of the country.