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House Finance Corporation announced on Wednesday a program to help households struggling to repay their loans.
The program, called Heraclis, is aimed at borrowers with home loans who meet certain criteria: the house must have been their primary residence for the past three years; the loan was granted until the end of March 2013, the loan has a balance of over € 50,000 and the payments were over a year overdue in December 2020.
The company said the program plans to amortize some of the interest rates from the date it was granted through December 31, 2020.
The amount would depend on the balance at the end of last year and whether the borrowers are repaying or restructuring the loan.
For example, if the amount exceeded € 200,000, 40 percent of the interest would be written off in the case of full repayment or 25 percent in the case of a restructuring.
For loans between 150,000 euros and 200,000 euros, the waiver would be 35 percent for repayment and 20 percent for restructuring.
Borrowers between 100,000 and 200,000 euros receive a 30 percent discount on the interest rate if they repay the loan in full, or 15 percent if they decide to restructure.
The discount for loans between € 50,000 and € 100,000 would be 20% and 5%, respectively.
The company said the program does not apply to government-funded home loans and those included in other programs.
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