The island's largest lender, Bank of Cyprus (BoC) announces extra measures to support customers who are facing difficult times because of the recession.
The measures, designed to ease loan payments, concern jobless people, low income families, and small businesses.
Unemployed individuals who have housing loans at the bank, and the value of their home does not exceed €250,000, can apply for a grace period of 15 months, until the start of 2016, the lender said.
During that time, they can pay €10 per month instead of their usual instalment. If customers remain unemployed beyond the period in question, the facility can be renewed for an additional 12 months, until 2017.
Clients with housing loans who lost over 25% of their family income and their house value does not exceed €250,000 can request a 15-month grace period during which they will pay €30 per month. The facility can be extended for an additional 12 months with customers only paying the interest rate.
Small enterprises with business loans whose turnover has been reduced by over 25% compared with 2012 can also apply for a grace period of 15 months.
The value of their premises must not exceed €250,000, the bank said. Their monthly instalment will be €30 per month instead of their normal payment. The grace period can be extended for another year during which the customer will only be asked to pay the interest.
On top of the extra measures, BoC said it can provides clients with customised solutions and all borrowers facing difficulties are encouraged to contact their banker to seek the most suitable solution.
Source: Cyprus Mail