A government debt relief scheme for prone homeowners will be formally launched in March, a senior finance ministry reputable stated on Wednesday.

At a primary stage following the announcement, banks should verify their participation, the pinnacle of the financial stability directorate Andreas Charalambous said.

The authorities become additionally putting in place an online application platform. He advised the Cyprus News Agency. However, those eligible inside the Estia scheme can ask their banks to start making ready now.

The stated purpose of Estia is to assist, help and shield vulnerable families who have mortgaged their houses for his or her loans.

To be eligible, a household should have a declared gross income of €50,000, and their number one residence that’s mortgaged must have a maximum market price of up to €350,000.

Charalambous stated the online platform would help the banks and the labour ministry overview the packages while preserving touch.

The loans will be written right down to the market fee of the original house after which the borrower will need to pay two-thirds of the rescheduled mortgage every month, and the taxpayer (the country) goes to subsidise one-1/3 of the monthly instalments on that rescheduled loan.

It applies to loans (mortgages) that have been classed as non-performing as of September 30, 2017. Loans distinct as non-acting after that date are not eligible.

The scheme applies to the first loan on the house, and covers loans or credit score facilities irrespective of foreign money.

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