The implementation of the government's HOME programme has come to an end.
As part of the programme, the Audit Office of Cyprus processed hundreds of applications from residents of the island state.
According to the authority, 577 people expressed their wish to participate in the programme. Priority was given to applications from recipients of state benefits, including the guaranteed minimum income. As a result, the total amount of state support amounted to 17.1 million euros.
As a reminder, the state programme HOME started in September 2021.
Beneficiaries were allowed to continue repaying the balances of the loans they had taken out on real estate:
- Restructuring the remaining debt, resulting in lower interest rates, a longer repayment period and/or a change in the identity of the borrower or guarantor,
- full and immediate repayment of the remaining debt with a cancellation of all outstanding interest, except for insurance premiums.
Residual debt is defined as the sum of the original loan amount and the life and fire insurance premium, less the borrower's payments up to the date of settlement or repayment under this plan.
Loans that met the following criteria were eligible to participate in the plan:
1. The market value of the borrower's primary residence does not exceed 350,000 euros.
2. The total annual income of the applicant's family for the period from 2019 to 2020 must not exceed
- 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 residence (i.e. the assets of the household, excluding the main residence, minus the current credit line, excluding the loan secured by the main residence) must not exceed 250 thousand euros.