The number of applications approved for participation in the Restructuring Scheme “Estia” have increased, reaching 1,049. At the same time, 881 objections were approved and these applications will be possibly re-examined for participation in the scheme, compared to 543 last March.
Head of the Estia Scheme at the Labour Minister, Marios Savvides said the cases of all those who filed objections to the rejection of their applications have been completed. Letters to a total of 304 applicants are expected to be sent on the outcome of their objection. Applicants have the right to file a second objection to their applications’ decision.
Savvides said that out of the total 6,398 applications that have been submitted, incomplete applications amount to 1,912, while 4,486 concern complete applications, of which 1,049 have received final approval.
A total of 1,947 (45%) applications that were properly filed have been approved.
Savvides further said that 2,507 objections were submitted of which 881 were approved for re-examination and possible participation in the Scheme while 1,289 were rejected, ten were withdrawn and 23 were obsolete.
The Restructuring Scheme “Estia” is a special scheme prepared by the Government and was approved by the European Commission’s Directorate-General for Competition.
The purpose of the Scheme is to support borrowers with non-performing loans through significant reduction of their debts and to protect borrowers’ primary residence.
Borrowers, at the end of each year, will receive a Governmental grant equal to one third (1/3) of their loan instalments (interest and capital), provided that they repay to the Bank the remaining two thirds (2/3) of their monthly instalments (interest and capital) of their restructured loan secured by the primary residence.
Source: Cyprus News Agency