Potentially eligible first borrowers for the project will be informed by the Housing Financing Agency
Following the approval by the European Commission on 13 August 2021 of the House Plan, the Ministry of Finance informs about the following:
The Home Plan is intended to assist first-time borrowers who have taken out loans with government funds (Low Income Mortgage Lending Scheme) with a mortgage on their first home, either through the Single Mortgage Plan or with a mortgage or mortgages. institutions under certain particularities such as the construction of a residence on government land or in Turkish Cypriot land or in an area under the control of the British state and present delays of more than 90 days on 31 December 2019.
The Home Plan will give the beneficiaries of the first borrowers of these loans the opportunity, after submitting an application, to proceed with the settlement of the balances of their loans with the following two options:
(a) by restructuring the remaining Loan Fund under a feasible and sustainable solution, or
(b) by full and immediate repayment of the remaining Fund.
The remaining capital, is the capital issued based on the initial approval plus the charges for life and fire insurance, minus the repayments of the borrower from own resources until the date of settlement or repayment based on this Plan.
Eligible for participation in the Home Plan are loans that meet the following criteria:
(a) The market value of the main residence does not exceed three hundred and fifty thousand euros (€ 350,000).
(b) The total gross annual family income of the applicant for the years 2019 & 2020 should not exceed per year:
(i) fifty thousand euros (€ 50,000) for a couple with at least one dependent;
(ii) the thirty-five thousand euros (€ 35,000) for a couple without dependents, and,
(iii) the twenty thousand euros (€ 20,000) for single households.
(c) The remaining net assets of the household, excluding the main residence (ie the assets of the household, excluding the main residence, minus the current credit facility excluding the loan secured by the main residence), will not exceed € 250,000 .
Note: The couple and the minor children on the reference date are 31/12/19.
The application period for participation in the Home Plan is set from September 1, 2021 until February 28, 2022.
Potentially eligible first borrowers for the project will be informed by the Housing Financing Agency.
For more information on the Home Plan click here.
The application form for participation in the Plan can be found here.
For further information, interested parties should contact the Housing Financing Agency, at 22503333.