The member banks of the Cyprus Banking Association, taking into account the prevailing economic conditions, are suspending the procedures for the sale of mortgaged properties concerning primary residences with a current value of up to €350 000 until the end of March 2021.
According to a relevant announcement, the above suspension does not apply to mortgaged properties related to credit facilities, for which a sale agreement has been reached. This decision enters into force on Monday, December 21, 2020.
This regulation is not expected to significantly affect the ongoing sale procedures planned for the next period. According to data presented to Parliament by the Association of Banks, these do not include loans with a first home guarantee of less than €350 000.
The new suspension of the sale procedures is, in essence, a response to the demand of both the parties and the Government for a new extension in the payment of installments.
Three proposals concerning the suspension of sales are pending before the Parliament. AKEL's request concerns the rest of sales for loans concerning the principal residence worth less than 350 thousand or a minimal commercial property.
Proposals submitted separately by EDEK and ELAM concern a universal suspension of the procedures for the sale of mortgaged properties.
The three proposals are included in the plan of today's sitting of the Plenary Session of the Parliament.