The recession in Cyprus had a bad impact on jobless people, low income families and small businesses. Bank of Cyprus (BoC) decided to help and introduced extra measures to support customers who are facing difficult times because of the recession.
The Bank said that unemployed individuals with housing loans and homes that didn’t exceed €250,000 could apply for a grace period of 15 months, until the beginning of 2016.
During that period, they can pay €10 per month instead of their usual installment. If customers remain unemployed beyond the specified period, the facility can be renewed for an additional 12 months, until 2017.
Clients with housing loans who lost over 25 per cent of their family income and their house value does not exceed €250,000 can request a 15-month grace period during which they will pay €30 per month. The facility can be extended for an additional 12 months with customers only paying the interest rate.
Small enterprises with business loans whose turnover has been reduced by over 25 per cent compared with 2012 can also apply for a grace period of 15 months.
The value of their premises must not exceed €250,000. Their monthly installment will be €30 per month instead of their normal payment. The grace period can be extended for another year during which the customer will only be asked to pay the interest rate.