Cyprus housing plan for low income and large families

Last week the Cyprus Government announced a housing plan aimed to help low income and large families acquire their own home.

200 million euro will be dedicated for loans through the Housing Finance Corporation.

This plan will be available to families acquiring their first permanent residence in Cyprus or European citizens living permanently in Cyprus for 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 maximum loan amount should not exceed 200,000 Euro. It can be used for either buying an existing Cyprus property (a house or an apartment) or for building a house on an existing piece of land.

For the first 2 years the interest rate on this loan will be set to zero and after that it will be equal to the current interest rate of the Housing Finance Corporation.