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The General Accounting Office has wrapped up the second phase of the government’s OIKIA Scheme, approving financial relief for dozens more struggling homeowners. A total of 79 applications covering 99 loan contracts were greenlit, with the state expected to pay €4.2 million, not including any additional interest accrued until the solutions are fully implemented.
Combined with the first phase of the scheme, overall approvals now stand at 533 applications and 659 loan contracts, with €21.4 million in government aid committed so far.
The OIKIA Scheme, aimed at helping homeowners restructure or pay off non-performing housing loans, is being implemented by the General Accounting Office in coordination with the Ministry of Finance, the Ministry of Labor, the Office of the Data Protection Commissioner, the Cyprus Banking Association, and other partners.
Out of 112 applications reviewed during the second phase, 144 loan agreements were assessed for eligibility. The evaluations have been forwarded to the Housing Finance Organization (HFO), the only institution involved in this round, to either restructure the outstanding loan capital into a manageable repayment plan or fully settle the debt.
The second phase was completed on schedule, in line with a Council of Ministers decision from October 2024 and under the revised timetable set by the European Commission.
In the first phase, 454 applications covering 560 loans were approved, with the government committing €17.2 million.
Authorities say the program plays a key role in supporting households under financial pressure while safeguarding social cohesion and the wider economy.
