Parliament adopts EU legislation on bank contracts for the purchase of property

The House of Representatives plenary unanimously voted on Friday two bills into law, thus transposing EU rules into national law on contracts with credit institutions for the purchase of property. The new legislation regulates mortgages which relate to property which will be the residence of the consumer, as well as credit contracts without collateral for amounts over Euros 75,000 on the renovation of property which is used as a residence.

Source: Cyprus News Agency