The first home protection program begins

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By Leonidas Stergiou

The platform for the intermediate program for the protection of the first home of vulnerable households is ready, which is expected to start within the next two weeks. The program provides a state subsidy for the installment of the mortgage loan of vulnerable debtors in the amount of 70 to 210 euros per month, depending on the composition of the household. The main benefit for vulnerable debtors is the avoidance of creditors’ measures (eg foreclosures, auctions and evictions).

The intermediate program was created to fill the gap until the operation of the Real Estate Acquisition and Rental Agency. The consultation of the relevant text for the international competition has been completed. The international competition envisages concrete steps and is estimated to be completed in a year. The Institution will be obliged to acquire the property-first residence of a vulnerable borrower and to rent it to him for 12 years.

Vulnerable debtors

Until then, vulnerable borrowers can make use of the intermediate program, which first requires an application for certification of vulnerability through the platform of the Special Secretariat for Private Debt Management. The platform has reportedly received more than 3,000 applications, but only 60 have been identified as vulnerable. About 30% of applications are stuck in the consensus stage for lifting banking and tax secrecy.

The criteria

Eligible debtors for the interim first home protection program are those who meet the following income and property and other criteria:

a) The total income should not exceed 7,000 euros for a single-person household, increased by 3,500 euros for each member of the household and up to the amount of 21,000 euros per year, regardless of the composition of the household.

b) The total taxable value of the real estate must not exceed the amount of 120,000 for a single-person household, increased by 15,000 euros for each additional member and up to the amount of 180,000 euros.

In addition, the property limit applies to deposits, bonds, shares, etc. which applies to the “Housing Allowance”.

The platform

The criteria are checked and cross-checked when issuing a certificate of vulnerability, which is necessary for participation in the program and is issued by a special electronic platform of the Special Secretariat for Private Debt Management. The online platform has a designer so that there is no need for manual collection of supporting documents when submitting the application, significantly reducing bureaucracy. In addition, the electronic platform will carry out automated checks and crossings, in order to prevent and exclude strategic defaulters.

After 15 months

At the end of this program, after 15 months, vulnerable borrowers who will not be able to service a long-term and sustainable settlement, should contact the special Agency for Acquisition and Re-lease of Real Estate for debt settlement and the provision of a second chance. This Institution will acquire the first residence of the specific vulnerable debtors and then will re-lease it to them for 12 years. The State will provide a monthly housing allowance, in order to support their obligation to pay rent. At the end of the 12-year period, the debtors will have the exclusive first privilege to repurchase the house, as long as they have recovered financially.

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Source: Capital

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