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Government Cabinet Propels Mortgage-to-Rent Scheme Forward with Extension (MTR)

The cabinet has decided to expand the scope of beneficiaries in the mortgage-to-rent scheme, aimed at offering further assistance to those facing financial vulnerability, as announced on Wednesday.

Finance Minister Makis Keravnos unveiled the decision, expressing its goal to "provide additional support to our fellow citizens grappling with challenges from credit acquisition companies and banks regarding their primary residences." He highlighted that the scheme, designed to tackle non-performing loans (NPLs), commenced accepting applications from the public on December 4, 2023, and will continue for nine months until August 2024. Currently, approximately 1,450 applications have been received, with an estimated 2,500 borrowers expected to benefit.

Keravnos outlined the two primary groups eligible to participate in the scheme, emphasising those receiving welfare benefits and individuals previously excluded from the Estia Plan due to unserved loans secured by their primary residences.

The decision to broaden the scheme's beneficiaries stems from the recognition of the need for adjustments to cater to a wider audience requiring assistance.

While emphasising the importance of these modifications, Keravnos reiterated that the core principles and objectives of the scheme remain unchanged, prioritising aid for vulnerable segments of society.

As part of the extension, the finance minister proposed extending the eligibility cutoff date for inclusion in the scheme from December 31, 2022, to December 31, 2023.

Additionally, the updated scheme introduces two new beneficiary categories. The first category encompasses borrowers whose creditors were not part of the initial Estia Plan, while the second category includes approved Estia Plan applicants whose approvals were hindered by various issues, such as outstanding encumbrances on real estate.



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