The second phase of the Cypriot government’s HOME scheme has officially concluded.
As part of the program, the General Accounting Office of Cyprus reviewed 112 applications, covering 144 loan agreements.
According to the authority, 79 applications, corresponding to 99 loan agreements, were approved. Priority was given to recipients of government assistance, including those receiving the Guaranteed Minimum Income. The total amount of financial support granted during this phase was €4.2 million.
It’s worth noting that, compared to the first phase of the program, both the number of applications and approvals decreased. For reference, during the first phase last year, the Office reviewed 560 loan agreements, approved 454, and issued €17.1 million in subsidies. Thus, over the two phases combined, 533 applications have been approved, totaling €21.4 million in state support.
The HOME program was launched in September 2021 to help eligible borrowers manage outstanding real estate-related loans.
Beneficiaries were given the option to repay remaining debts through:
- Debt restructuring (e.g. reduced interest rates, extended repayment periods, change of borrower or guarantor)
- Full and immediate repayment of the remaining principal with cancellation of all unpaid interest (excluding insurance premiums)
The “remaining debt” is defined as the initial loan amount plus life and fire insurance premiums, minus any repayments made by the borrower up to the date of calculation or repayment under the scheme.
Eligibility Criteria:
Loans had to meet the following requirements:
- The market value of the applicant’s primary residence must not exceed €350,000.
- The household’s total annual income for 2019–2020 must not exceed:
- €50,000 for couples with at least one child
- €35,000 for childless couples
- €20,000 for single individuals
- The remaining net household assets (excluding the main residence and after subtracting any current credit lines not secured by the main residence) must not exceed €250,000.