Commission approves plan to protect Greek primary residences from loan default

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Commission approves plan to protect Greek primary residences from loan defaultEligible borrowers will receive a grant corresponding to 20-50 pct of their monthly loan payment, depending on their income, provided that their loans are secured against their primary residence

The European Commission approved on Thursday the Greek Primary Protection Scheme for households unable to repay their mortgage loans and at risk of losing their primary residence, ANA reports.

According to a press statement, the program has an annual budget of nearly 132 million euros and sets strict eligibility criteria along property value and borrower income lines. 

Eligible borrowers will receive a grant corresponding to 20-50% of their monthly loan payment, depending on their income, provided that their loans are secured against their primary residence; and that they resume paying the residual part of their monthly payment. 

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinationsGreek travel marketGreek tourism statisticsGreek tourism report

Photo Source: European Commission


 

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