Insider Business KEDIPES proposes professionals to help out with Estia applications

KEDIPES proposes professionals to help out with Estia applications

KEDIPES have proposed professionals to assist former Co-op bank loan takers wishing to submit an application with Estia mortgage-relief scheme whose process seems to be too complex for the average person.

But the cost for the selected ‘partner’ who could be an accountant, lawyer or insolvency consultant is €300 plus VAT. KEDIPES have joined forces with 37 such professionals all across Cyprus.

The deadline for Estia participation is November 15 but the process is moving at a snail’s pace as most applications filed are incomplete.

The €300 fee will be paid by the borrower to the selected partner of his/her choice in an agreed manner that won’t burden the client’s account.

A partner’s job is to assist borrowers with the completion of the application and with the collection of all necessary data or documentation to come with it.

At the same time, KEDIPES website has posted all essential information about Estia scheme as well as relevant application forms and a diagram explaining in detail the whole process.

According to Phileleftheros inside information, Estia scheme response is, so far, very disappointing.  KEDIPES had initially identified 7,300 accounts totaling €1.3 billion that could meet the criteria of the scheme which is subsidised by the government.

Today, the number of applications submitted before KEDIPES island-wide is only 181 with the corresponding amount reaching €31.78 million.

Of the total applications submitted, 119 are incomplete with the remaining 62 only being fully completed amounting to just €13.98 million.

Data shows that most applications submitted are from borrowers in Limassol district. The total number of these applications is 76 and the corresponding amount is €12.98 million.

Incomplete applications submitted are 57, while fully completed applications are 19 with the corresponding amount being €4.94 million. From Nicosia district, the number of submitted applications is 43 and the corresponding amount is €8.27 million.

Applications with incomplete documents are 36, fully completed are 7 and the corresponding amount is €3.20 million.

In Larnaca district, the number of submitted applications is 40 and corresponding amount is are €6.95 million. Incomplete applications are 16, fully completed are 24 with the corresponding amount being €3.83 million.

In Paphos district, the number of submitted applications is 22 and the corresponding amount is €3.56 million. Incomplete applications are 10, and fully completed are 12 with the corresponding amount of €2 million.


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