Following the Cabinet's decision to expand the eligible participants in the Plan, according to data obtained by Brief, as of December 4th, when the Rent-to-Installment Plan was implemented, approximately 1,600 applications have been submitted to KEDIPES.

KEDIPES had already begun the process of evaluating and processing several applications submitted. However, according to the same information from Brief, KEDIPES will re-evaluate the applications it has assessed due to changes decided by the Cabinet.

Specifically, on April 3rd, the Cabinet decided to expand the eligible participants of the Plan, potentially including about 2,500 people. As the Minister of Finance mentioned, "After implementing the Plan, it became clear that there is a need to partially modify the criteria to include more eligible participants and help more people, without changing the essence and philosophy of the Plan, which remains targeted at vulnerable groups."

Essentially, the Cabinet decided on three changes concerning both the beneficiaries of subsidies and citizens who either applied or were approved but ultimately found themselves outside the Home Plan. Thus, KEDIPES will re-evaluate many applications it has already processed to determine if the applicants are ultimately eligible based on the changes decided by the Cabinet.

It should be noted that the Plan opened on December 4, 2023, and will remain open until August 4, 2024.

1. It was decided to extend the date for subsidy receipt for inclusion purposes, from December 31, 2022, to December 31, 2023.

2. The inclusion of those who meet the other criteria but did not participate in the Home Plan.

3. Borrowers who, although initially included in the Plan, ultimately found themselves out of the Home Plan, mainly due to non-payment of required instalments.

KEDIPES will acquire the properties from the participating institutions at 65% of the market value, and the participating institutions will write off the remaining loan balance after deducting the property's price. Liabilities on the main residence are also eliminated, provided they amount to up to 10% of the property's value.

The property owner becomes a tenant for 14 years or life if the person is over 65 years old. The tenant has the right to repurchase the property after five years and before the end of the 14 years at a "particularly attractive price," which will consider factors such as changes in property prices, expenses, and rental payments. The repurchase can be made either by the beneficiary or by a first-degree relative. In the event of no repurchase, the ownership of the property remains with KEDIPES.