Chairman of the Board of Directors of the Bank of Cyprus Christis Hassapis has announced Friday a scheme that offers to the Bank’s unemployed customers the possibility to pay only the nominal amount of 10 euro per month instead of paying their regular home installments for a year.

Speaking during a joint press conference with the Minister of Labour Zeta Emilianidou, held at the Ministry of Labour, Hassapis said that this way, the housing loans of the banks’ unemployed clients will be considered as performing “and so all these people will be able to sleep more peacefully at night”.

He stressed that the scheme could be extended to maximum three years given that the customer will  still be without a job.

As he said, in case a customer gets employment then the option would be offered to pay for the period of a year only the interest for the loan.

He further noted that if the unemployed customer has a housing loan with an estimated value of the mortgaged property under 250,000 euros, then the interest rate of the mortgage loan can also be reduced up to 2 %,” without, however, falling below 3.75 %.

On her part, the Labour Minister thanked the Bank of Cyprus for this very important, as she described it, announcement of the new scheme while she stressed government’s concern for the unemployed persons and pointed out that the primary objective is to ensure that these will not lose their homes