Insider Economy Estia scheme: Borrowers focus on information

Estia scheme: Borrowers focus on information

The number of Estia mortgage scheme applications submitted yesterday was smaller compared to Monday’s when it was officially launched, according to insiders.

In fact, only about 15 applications were submitted yesterday – four before the Bank of Cyprus, less than 10 before Kedipes (asset management entity) and a one-digit number before Hellenic Bank.

However, banks and Kedipes are not concerned over the low number of applications, an insider also said, since they believe that borrowers wait for further details on the scheme’s provisions before they take the next step.

Afterall, phone calls from borrowers seeking more information on the scheme were reportedly non-stop. And a very large number of borrowers went to the banks to get a briefing.

At the same time, 700 applications from Bank of Cyprus clients are almost ready for submission, while 145 borrowers yesterday visited Kedipes offices to get an application.  Many others dropped in to get informed.

Banks and Kedipes send completed applications to the Ministry of Labour which is the project manager. The Ministry has the final say as to whether an applicant is eligible for participation in the Estia scheme.

The deadline for the submission of applications is November 15, and the state’s first payments should be made between December this year and April 2020.

The state will annually pay 1/3 of a borrower’s restructured loan installment, provided commitments are met.

It applies to loans (mortgages) that were classed as non-performing at 30th September 2017. Loans designated as non-performing after that date are not eligible.

The primary residence which is mortgaged must have a maximum market value of up to €350,000. The Estia scheme applies to the first mortgage on a residence, and covers loans or credit facilities regardless of currency.

Read more:

https://in-cyprus.com/additional-safety-net-provisions-included-in-fledgling-estia-scheme/

 

Top Stories

43 new cases of COVID-19 on Monday

The Health Ministry announced 43 new COVID-19 cases on 19 October, out of 2,558 laboratory tests, taking confirmed infections to 2, 687. The break-down of...

1420 only for emergencies regarding COVID-19

Due to the increased number of telephone calls to the telephone center 1420 of the Ambulance Service, it is pointed out that the center...

Anastasiades-Tatar to meet in UN premises

Cyprus President Nicos Anastasiades and the new leader of the Turkish Cypriot community, Ersin Tatar, will meet in the UN premises in Nicosia. Government Spokesman,...

Four people sentenced to imprisonment for abduction

The Larnaca District Court today sentenced four people aged 42, 22, 24, and 19 to imprisonment for abducting a 27-year old last August in...

Weather expected to be cloudy with local showers this week

The weather this week is expected to be cloudy with local showers, mainly in the afternoons. Partly cloudy on Tuesday with isolated showers and possible...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...