Commission approves plan to protect Greek primary residences from loan default

The European Commission approved on Thursday the Greek Primary Protection Scheme for households unable to repay their mortgage loans and at risk of losing their primary residence, ANA reports. According to a press statement, the program has an annual budget of nearly 132 million euros and sets strict eligibility criteria along property value and borrower income lines.  Eligible borrowers will receive a grant corresponding to 20-50% of their monthly loan payment, depending on their income, provided that their loans are secured against their primary residence; and that they resume paying the residual part of their monthly payment.  RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report Photo Source: European Commission Let's block ads! (Why?)