Oikia scheme attracts hundreds of applicants

Hundreds of applications from low-income families and borrowers overdue on their loans have been preliminary approved by the Housing Finance Corporation (HFC) and sent to the accountant general for further examination, it emerged on Wednesday.

According to the Cyprus News Agency, a total of 712 applications have been pre-approved by the HFC to take part in the Oikia plan.

The total value of applications is €22,732,031.42.

Oikia is a government scheme for the management of loans granted under government housing schemes.

In particular, its purpose is to assist first-time borrowers who have taken out loans with government funds (Housing Loan Scheme for Low-Income Couples) with a mortgage on their first home or through the Unified Housing Scheme or with cofinanced funds. The loans could have also been granted from banking institutions under certain conditions such as building a house on government land or on Turkish Cypriot land or in an area under the sovereignty of the British state.

The lenders would have to have been overdue for more than 90 days on December 31, 2019, to participate.

According to the report, the HFC has completed their evaluation and sent them to the general accountant’s office on June 30 for approval. The accountant general will have until September 30 to evaluate, and then solutions will have to be provided by December 31 to people.