The substance of Program “Bridge”: State subsidy for loan-borrowers

The “bridge” program for the subsidisation of loan instalments connected to the main residence of borrowers affected by the coronavirus presents a record demand.

Applications for the “bridge” program on the special platform that will remain open until September 30, can be submitted:

– Private sector employees who received financial assistance or whose average gross monthly wage decreased.

– Self-employed persons or individuals that run their own business, to whom financial assistance has been provided or whose income has been reduced.

-Unemployed or long-term unemployed to whom financial assistance has been provided.

-Individuals- property owners, who received a reduced rent.

-Partners of personal or capital companies whose operation has been suspended and / or have received financial aid.

-Beneficiaries who received financial aid in the form of a repayable advance and have shown a decrease in income due to the effects of the pandemic.

What is applicable to to the subsidy?

1. For performing loans: 

The monthly instalment is subsidised at a rate of 90% during the 1st quarter, by 80% in the 2nd quarter and by 70% in the 3rd quarter. The maximum monthly subsidy can reach at 600 euros.

Loan-Borrowers must meet the following conditions:

1) The value of their main residence should not exceed 300,000 euros (the corresponding limit with law 4605/2019 was 250,000 euros).

2) The balance of the loan should not exceed 300,000 euros per bank (the corresponding limit with law 4605/2019 was 130,000 euros).

3) The family income should not exceed 57,000 euros (compared to 36,000 euros with law 4605/2019).

4. The deposits should not exceed 40,000 euros (compared to 15,000 euros in law 4605/2019).

4) The deposits should not exceed 40,000 euros (compared to 15,000 euros with law 4605/2019).

b) For non-performing loans, including recently settled loans:

The monthly instalment is subsidised at a rate of 80% during the 1st quarter, by 70% in the 2nd quarter and by 60% in the 3rd quarter. The maximum monthly subsidy can reach up to 500 euros.

The eligibility criteria of the loan-borrowers are:

1. The value of their main residence does not exceed 250,000 euros (as was the case in law 4605/2019).

1. The balance of the loan should not exceed 250,000 euros (compared to 130,000 euros in law 4605/2019).

1. The family income should not exceed 45,000 euros (compared to 36,000 euros in law 4605/2019).

1. The deposits should not exceed 25,000 euros (compared to 15,000 euros in law 4605/2019).

1. The total real estate should not exceed 500,000 euros (compared to 280,000 euros in law 4605/2019).

3. For non-performing loans that have already been terminated and are being auctioned:

The monthly instalment is subsidised at a rate of 60% in the 1st quarter, by 50% in the 2nd quarter and by 30% in the 3rd quarter. The maximum monthly subsidy can reach up to 300 euros. The requirements for loan-borrowers are:

1. The value of their main residence does not exceed 200,000 euros.

1. The balance of the loan should not exceed 130,000 euros.

1. The family income should not exceed 36,000 euros.

1. The deposits should not exceed 15,000 euros.

1. The total real estate value should not exceed 280,000 euros.