The Ministry of Finance in Cyprus has announced that over 1,300 loan applications involving a total amount of €131.1 million have been submitted under the Oikia scheme, a loan management plan with government funds granted under Government Housing Plans. Of these applications, 70.4% or 946 loans are eligible, while 14.25% or approximately 199 loans are non-eligible, and eligibility assessments for 15.35% or 173 loans are still pending.
The European Commission had approved the extension of the Plan until June 30, 2022 for the submission of applications, and until December 31, 2023, for the implementation of the solutions. The Housing Finance Corporation (HFC) is expected to complete the evaluation of the applications and send them for approval to the Treasury by June 30, 2023, and the completion of the approval process or not by the Treasury should be completed by September 30, 2023, with the implementation of the solutions due by December 31, 2023.
The Oikia scheme was introduced to assist first-time borrowers who have taken out loans with government funds for their first home, and it provides beneficiaries with the opportunity to settle the balance of their loans either with the restructuring of the outstanding loan or with the full and immediate repayment of the outstanding loan.
[With information from CNA]
