In an effort to make mortgages more accessible and affordable, Cypriot banks and the government are launching a new Interest Rate Subsidy Scheme for home loans. This initiative is set to provide significant relief to homebuyers, lightening the financial load of purchasing a property.
According to the Bankers’ Association, the scheme has been under development for the past three months in collaboration with the Ministry of Finance. During this period, both parties have worked diligently on key components, including how information will be exchanged between the banks and the Ministry, the creation of standardized forms for loan applications, required authorizations, and the implementation of electronic systems to ensure seamless communication.
As the final details are being ironed out, the Ministry of Finance is preparing to invite banks to formally express their interest in joining the program. This will be the first step toward launching the initiative and making it available to the public.
The Mortgage Interest Rate Subsidy Scheme is expected to have a positive impact on both the Cypriot economy and society. By reducing the cost of home loans through collaboration between the banks and the government, the program aims to help more Cypriots achieve homeownership, bringing stability and opportunity to countless families.
Source: Knews