Cyprus Mail

Only ten Estia applications left to process from over 6,000

Only ten applications remain to be examined under the Estia programme to assist distressed mortgage holders, it was reported on Sunday.

Total applications for Estia assistance numbered 6,393 concerning loans worth around y €1.9 billion, CNA reported.

From these, 2,697 applications were rejected and another 759 relate to people deemed non-viable borrowers whose loans cannot be restructured.

Head of the Estia plan at the labour ministry, Marios Savvides, told CNA that that out of the total 6,393 applications, 3,796 were fully completed, 1,919 were incomplete and 90 have been withdrawn. Another 578 applications were designated special cases, which will be sent for approval or rejection to a special committee made up of the ministers of finance and labour.

Savvides said only ten applications were left to evaluate due to technical problems that arose with the banks, but they are expected to be sorted in the coming week.

In addition, to date 5,418 letters have been sent to applicants informing them whether their applications were approved or rejected.

He said 1,500 borrowers have filed an objection to the non-acceptance of their application.

Under the Estia scheme, eligible borrowers with loans using primary residence as collateral valued at up to €350,000 in value will receive a state subsidy amounting to one third of their monthly installment of the restructured loan facility. The scheme was approved by the European Commission’s Directorate for Competition.

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