Cyprus Begins Accepting Applications for HOME Program From September 1

С 1 сентября на Кипре начинается приём заявок на участие в программе HOME
20 August 2021 Liza Medvetskaya
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The Ministry of Finance announced that from September 1, they will begin accepting applications for the HOME program.

The new scheme will help to continue repaying the balances of loans on real estate by:

  • restructuring of the remaining debt, leading to a decrease in interest rates, a change of terms and / or a change in the identity of the borrower or guarantor,
  • full and immediate repayment of the remaining debt with the cancellation of all unpaid interest, except for insurance premiums.

The remaining debt means the amount that consists of the initial loan sum, plus life/fire insurance premium, minus the payments the borrower made until the start of this program.

С 1 сентября на Кипре начинается приём заявок на участие в программе HOME

Loans that meet the following criteria are eligible to participate in the program:

1. The market value of the main place of residence of the borrower does not exceed 350 thousand euros.

2. The total annual income of the applicant's family for the period from 2019 to 2020 must be no more than:

  • 50 thousand euros - for a married couple with at least one child;
  • 35 thousand euros - for a married couple without children;
  • 20 thousand euros - for a single person.

3. The remaining net assets of the household, excluding the main place of residence (ie, the assets of the household, excluding the main place of residence, minus the current line of credit, excluding a loan secured by the main place of residence) must not exceed 250 thousand euros.

Note: a family is a married couple with minor children as of December 31, 2019.

Applications for participation in the program can be submitted until February 28, 2022.

At the same time, it is expected that potential applicants for participation in the program will soon be informed about this by the Housing Finance Corporation. You can get more detailed information about the scheme by calling 22503333. You can fill out an application on the website.

Source: http://mof.gov.cy
Photos: pixabay.com
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