Government to bring better primary residence protection, sources said Monday

The government is moving forward in an important step to relieve the most vulnerable households, government sources said on Monday, concerning the simplification of procedures for protecting primary residences, "so that thousands of citizens can be facilitated and integrated into favorable arrangements for subsidizing mortgage, consumer and business loans."

This is achieved through the relevant platform of the Special Secretariat for Private Debt Management, sources noted, at www.keyd.gov.gr. Furthermore, a debt can be written off if the outstanding balance of the loan exceeds 120 pct of the commercial value of the primary residence, e.g. if one owes 100 thousand euros, while his home is worth 50 thousand euros, then one will see a debt 'haircut' of 40 thousand euros.

Repayment of loans can be spread across 25 years, so that low monthly payments can be made by the borrower, and if one is older than 80 years of age, then either the adjustment years are reduced or another younger person can be involved as the guarantor of the loan, e.g. a child who will inherit the property.

Government sources also mentioned a 2 pct interest rate, plus quarterly Euribor, while it was also stressed that the state can now subsidize the payment of monthly installments of the loan from 20 pct to 50 pct.

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