- Cyprus Property News Magazine - https://www.news.cyprus-property-buyers.com -

Government plans to offer homeowner rescue scheme

homeowner rescue scheme THE GOVERNMENT is stepping in to help homeowners who are unable to repay their mortgage to commercial banks.

A Ministry of Finance official told the House Human Rights Committee that a plan is being drafted providing that homeowners who have mortgaged their first residence for up to €200,000 can apply to the government for relief in case they are unable to service their loan.

The government will purchase their home, but they will have the right to become tenants paying a nominal rent. They can also start repaying their loan under favourable terms over a long period.