The cabinet on Wednesday approved new criteria for granting financial assistance to Greek Cypriot refugees seeking to acquire a house, Interior Minister Constantinos Petrides said.
The new scheme incorporates the new, stricter, borrowing rules and regulations in the banking system and provides for more assistance to refugees with the maximum amount raised from €29,000 to €45,000.
It also raises the income criteria of applicants.
“The reason the assistance is increased is to enable those eligible to secure a loan for the balance and for the help to be adequate, something that was difficult to date,” Petrides said after the cabinet meeting.
The minister said houses bigger than 250sqm will not be subsidised.
Petrides said refugees who have already submitted an application or their application has been approved but the payment is pending, will automatically be eligible and did not have to apply anew provided they present documentation they have enough money to buy or build a house.
The ministry has hired 12 officers and plans to hire eight more in a bid to process applications swiftly.
Eligible parties are singles with income up to €25,000, couples with income up to €45,000, three-member families earning up to €50,000, four-member families with €55,000 in income, and five-member families earning €65,000.
The financial assistance they will receive is up to €20,000 for singles, €30,000 for couples, €35,000 for a family with children or a single-parent family, and €40,000 for families with at least four children.