More than 4,200 applications have been submitted under the Rent for Mortgage Scheme since its launch, according to KEDIPES spokesperson Chara Papakyriakou.
The application period had originally been due to end on 31 July. However, after more than 300 applications were received during the final five days, the Ministry of Finance extended the deadline to 30 September.
More than 900 applications in latest submission period
Since the scheme was launched in December 2023, KEDIPES has received a total of 4,269 applications.
During the latest application period, which was initially set to close at the end of July, 929 applications were submitted, including 300 in the final week alone.
More than 1,200 homes approved
Papakyriakou said the application assessment process is time-consuming, as it involves property valuations and procedures with the Department of Lands and Surveys.
Since the scheme began, 1,211 homes have been approved for inclusion, while 846 have already been formally enrolled.
For those households, their non-performing loans have been written off, allowing beneficiaries to remain in their homes in line with the scheme’s provisions.
Up to 35% of applications rejected
Around 30% to 35% of applications have been rejected because they do not meet the eligibility criteria, Papakyriakou said.
To qualify, the value of the primary residence must not exceed €250,000. For applicants previously deemed eligible but non-viable under the ESTIA or OIKIA schemes, the property value limit is €300,000.
Scheme cost reaches €97 million
Responding to questions about the cost of the programme, Papakyriakou said implementation spending for around 800 approved homes has reached €97 million.
KEDIPES also retains a further €60 million in cash reserves to continue funding the scheme.
Applications remain available online and at the district offices of the Cyprus Asset Management Company (KEDIPES).
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