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Facilities for borrowers for loan restructuring

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Facilities for borrowers for loan restructuring

DISY proposed legislative regulations that will facilitate borrowers in the restructuring and repayment of their loans. Yesterday, the party's MP, Andreas Kyprianou, submitted two bills, which he wanted to be put to a vote in the form of urgency (same day). However, it was finally decided that the proposals would be discussed in the next period in the parliamentary Committee on Home Affairs, as MPs from other parties asked to be informed by those in charge of the changes that would occur.

The draft laws amend the laws on the Regulation of Roads and Buildings and on Real Estate (Occupation, Registration and Valuation). In particular, if the two draft laws are approved, in case of transfer of real estate to the lender, which is carried out with the consent of the registered owner in the process of restructuring or repayment of a loan, the prohibition under the basic laws will not apply part of which is registered and acts for the benefit of the competent building authority, provided that a certificate of unauthorized work has been issued.

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The basic legislation stipulates that in the event that a certificate of unauthorized work is issued in real estate, this has the effect that the real estate cannot be transferred, unless it is a third-degree relative. On the other hand, the two bills provide that the exception in the case of a transfer to a relative be extended to borrowers who wish to restructure a loan with their bank and who consent to the transfer of their property to the bank. According to the DISY MP, the amendment of the two laws is necessary, as it will facilitate the borrowers in the restructuring or repayment of their loans, without being subject to restrictions related to any violation of the terms of the issued building permit. They will also be able to transfer their real estate to the bank as part of the restructuring. The aim of the rapporteur is for the discussion of the draft laws to be completed within the next week, in order to be led to the Plenary Session of the Parliament within February.

Source: www.philenews.com

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