The approval of the Interest Subsidy Scheme for Housing Loans by the European Commission’s Directorate-General for Competition has opened the path for its implementation to support families with low income.

According to Government Spokesperson Konstantinos Letympiotis, the Directorate-General approved the Interest Subsidy Scheme for Housing Loans contracted from January 1, 2022, to December 31, 2023. This scheme pertains to the purchase or construction of a first home for families with an annual income of €50,000.

Mr. Letympiotis, during a regular media briefing at the Presidential Palace, noted, "The Directorate-General for Competition deemed that the said Scheme does not contain any element of state aid, either to the participating credit institutions or to the natural persons who are the final beneficiaries, and therefore, it can be implemented."

Mr. Letympiotis mentioned that "the adoption of targeted, substantial support measures for households is at the forefront of the Government's policies."

Additionally, he noted that the Ministry of Finance is promptly proceeding with the next stages of implementing the Scheme. These include informing credit institutions, signing relevant cooperation agreements, determining the process for examining and approving applications, and implementing the Scheme as soon as possible.

He added that the Scheme will have an annual fiscal cost estimated at €20 million. The subsidy will cover a 2-year period and will amount to 50% of the interest rate increase between the loan agreement date and the subsidy payment date, with a maximum subsidy of 2 percentage points.

The Spokesperson reminded that eligible for the Scheme are households with an annual family income of up to €50,000, who have contracted a housing loan of up to €400,000 during the period from January 1, 2022, to December 31, 2023, provided that the loan is being serviced.