The last minute pushed borrowers crowding before a microloan scheme in Cyprus to 4,269. This is almost the same as all applications in six months. The Ministry of Finance extended the deadline for sub

Chara Papakyriaku, a public relations specialist at Kedipsa, said that about 4,269 applications had been filed since the scheme was launched in December 2023. This exceeds the figure of 2024, when by the beginning of December there were already more than 3800 applications.

However, the application process is very slow, with only half of them completed as approvals and another quarter due to documentation issues. At the same time, 40% were suspended due to the lack of appropriate criteria.

It is important to note that even those seven hundred and fifty-seven already approved tenants continue to live in their apartments and are eligible to sell them after five years. This means that in Cyprus there is a scheme of microloans for rent. The bottom line is that the borrower must pay interest for the provision of housing, but his apartment remains the property of the bank.

It is worth noting that if the owner does not take the opportunity to buy the house back, he remains in the ownership of the bank for 14 years or until death. This means that there are microloans for rent in Cyprus.

This is another example of borrowers going to the government for help when they lose hope of getting their apartments back.