200 million euro for first home buyers and European

The Cyprus government has announced yesterday its new housing plan for low income families. The plan will make 200 million euro available for loans through the Housing Finance Corporation.

The housing plan applies to couples acquiring their first permanent residence in Cyprus or European citizens who live permanently in Cyprus the last five years and have a yearly income of up to 40,000 euro. The plan covers houses up to 200 sqm all over Cyprus.

The loan can be used for either building a house in an existing plot or buying an existing house or apartment. The maximum loan amount can be up to 200,000 euro. The interest rate on the loan will be set to zero for the first two years and after that it will equal the current interest rate of the Housing Finance Corporation.