{"id":9274,"date":"2023-02-21T11:51:30","date_gmt":"2023-02-21T11:51:30","guid":{"rendered":"https:\/\/dev-espa.summerize.io\/interest-rate-subsidy-23000-applications-to-banks\/"},"modified":"2023-08-01T10:53:55","modified_gmt":"2023-08-01T10:53:55","slug":"interest-rate-subsidy-23000-applications-to-banks","status":"publish","type":"post","link":"https:\/\/espa.io\/en\/interest-rate-subsidy-23000-applications-to-banks\/","title":{"rendered":"Interest rate subsidy: 23,000 applications to banks"},"content":{"rendered":"\n
\"\"\/<\/figure>\n\n

Borrowers<\/strong> are very interested<\/strong> loans<\/strong> rate<\/strong> subsidies<\/strong>, following the new hike from the European Central Bank<\/a><\/strong>.<\/p>\n\n

These are active<\/strong> borrowers<\/strong> of mortgage<\/strong> loans<\/strong><\/a> (and small<\/a><\/strong> businesses<\/a><\/strong> ) provided to the vulnerable<\/strong> by the four<\/strong> systemic<\/strong> banks<\/strong>.<\/p>\n\n

Through the dedicated application platform, applications<\/strong> have already been submitted<\/strong>, approaching<\/strong> 23,000<\/strong>. The four systemic banks<\/strong> have taken over the subsidies<\/strong> for customers<\/strong> of other<\/strong> banks<\/strong> as well.<\/p>\n\n

These figures were given by Finance Ministe<\/a>r<\/strong> Christos Staikouras, speaking in Parliament yesterday. By February 6<\/strong> (the platform was opened on the first of the month<\/strong>) 22,909 applications<\/strong> had been received.<\/p>\n\n

From these applications<\/strong>:<\/h5>\n\n
    \n
  • 13,509 are active and not finalised<\/strong><\/li>\n\n\n\n
  • 8,339 are finalised and awaiting data extraction<\/strong><\/li>\n\n\n\n
  • 1,061 have already received a vulnerable household certificate<\/strong><\/li>\n<\/ul>\n\n

    How the subsidy is given<\/strong> interest rate subsidy<\/strong><\/h2>\n\n

    Borrowers<\/strong> can<\/strong> apply<\/strong> for the interest rate<\/strong> differential<\/strong> subsidy<\/strong> on the monthly<\/strong> instalment<\/strong> of their loans.<\/p>\n\n

    The four systemic banks<\/strong> have committed to cover 50% of the increase<\/strong> in the monthly loan instalment<\/strong> due to the rise<\/strong> in interest rates<\/strong> (with the calculation date of the increase being 30\/6\/2022). They will subsidize<\/strong> not only their own customers<\/strong>, but also the loans held by non-systemic banks. Loans<\/strong> that have been sold<\/strong> or securitised<\/strong> will also be subsidised<\/strong>.<\/p>\n\n

    The subsidy<\/strong> will apply<\/strong> to existing<\/strong> up-to-date<\/strong> debts<\/strong>, i.e. loans<\/strong> up to 90 days<\/strong> in arrears<\/strong> and with the reference point (for up-to-date or not) being the date<\/strong> of the submission<\/strong> of the request<\/strong> by the creditor.<\/p>\n\n

    Duration and beneficiaries<\/strong><\/h2>\n\n

    The duration of the subsidy will be for 12 months<\/strong> from the time the application is finalized on the platform and the borrower receives the vulnerability certificate. The first subsidies are expected<\/strong> to be credited<\/strong> to the beneficiaries in April<\/strong>, and the subsidy will be discontinued<\/strong> if the borrower<\/strong> becomes delinquent<\/strong> in servicing his\/her instalment for a period<\/strong> of more than<\/strong> 30 days<\/strong>.<\/p>\n\n

    Beneficiaries of the subsidy are borrowers with a mortgage loan and\/or a small business loan<\/strong> secured by a security interest in the first home. They must meet the income criteria of vulnerability,<\/strong> i.e. annual income of up to EUR 7,000<\/strong>, increased<\/strong> by 3,500 euros per family member<\/strong>, with a limit and maximum<\/strong> annual<\/strong> income of 21,000 euros<\/strong>, a maximum value of the main residence of 180,000 euros<\/strong> and total deposits of up to 7,000 euros, increased by 3,500 euros for each family member<\/strong>, with a limit of total deposits<\/strong> of 21,000 euros.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    Borrowers are very interested loans rate subsidies, following the new hike from the European Central Bank. These are active borrowers of mortgage loans (and small businesses ) provided to the vulnerable by the four systemic banks. Through the dedicated application platform, applications have already been submitted, approaching 23,000. The four systemic banks have taken over 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