Gov’t examining a system for protecting primary homes that will reassure borrowers, says Flambouraris

The government is working on a system that will give a breather to the banks and reassure borrowers, Minister of State Alekos Flambouraris stated on Tuesday, outlining a proposed solution for protecting primary residences that the government is currently examining.

“The government’s aim is for the primary residence to be protected, regardless of the form of the loan and the collateral – including an objective value of up to 250,000 euros at the time of acquisition, 450,000 euros total family assets and a family income of up to 35,000 euros per year – and we believe we will achieve it. We are examining a system that will provide for swift procedures, which is effective, and where there is an adaptation of the installments to real values, with state participation that provides a breather to the banks from non-performing loans and reassures the borrowers….. this will bring revenues to the banking system so that it can play its true role, which is to support the real economy,” Flambouraris said, addressing parliament during the debate on the State Budget.