09.08.2023
Hundreds of applications from low-income families and borrowers with delinquent loans were pre-approved by the Housing and Finance Corporation (HFC) and sent to the chief accountant for further study, it became known on Wednesday.
According to the Cyprus News Agency, a total of 712 applications have been pre-approved by the HFC to participate in the Oikia plan . The total value of applications is EUR 22,732,031.42.
Oikia is a government scheme for managing loans made under public housing schemes. Specifically, its purpose is to help borrowers who have borrowed for the first time from public funds (Low Income Couples Home Loan Scheme) with a mortgage on their first home or through the Common Housing Scheme or cofinancing funds. Loans could also be made by banking institutions under certain conditions, such as building a house on government land or Turkish Cypriot land, or in an area under the sovereignty of the British state.
To participate, creditors must have been overdue by more than 90 days as of December 31, 2019.
According to the post, HFC has completed its evaluation and submitted it for approval on June 30th. The chief accountant will have until September 30 for an assessment, and then until December 31, the decisions must be provided to the people.
