ESTIA Scheme

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Hellenic Bank has decided to participate in the Estia Scheme, which will take effect on January 1st, 2019.

Estia is a one- time scheme, aiming to achieve a socially acceptable and financially viable restructuring solution for vulnerable borrowers and protect their primary residences. This is based on specific eligibility criteria, principles, terms and conditions. According to the provisions of the Estia Scheme, at the end of each year the Government will pay directly to banks a subsidy which is the equivalent of one third (1/3) of the total monthly loan installments for the restructured loans that are secured by primary residence. The subsidy will be granted under the precondition that two thirds (2/3) of the monthly loan installments are successfully paid by the borrowers to the banks. According to the updated Memorandum of Understanding, the applicant should complete and submit the application and all necessary supporting documents to the Bank within the period from December 1st, 2018 until January 28th, 2019.

  • Eligibility Criteria 
  • More Information
  •  Available Information
  • Intention
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    Eligibility Criteria

    Below is a brief list of the main eligibility criteria of the ESTIA Scheme:

    1. The credit facilities are secured with a 1st mortgage on the primary residence with a market value which may not exceed €350,000.
    2. At least 20% of the outstanding balance of the credit facilities are in arrears for more than 90 days.
    3. Borrowers should fulfill specific socieconomic criteria and thresholds on annual household income.
    4. Household net wealth (excluding primary residence) and borrowing linked to primary residence should not exceed, in market prices, 80% of the market value of the eligible primary residence, without exceeding €250,000 as per the process of valuation of properties for ESTIA purposes.
    5. The applicant is a permanent residence of the Republic of Cyprus or is legally and continuously living in Cyprus since 2013.
    6. Loans that have been restructured after 30 September 2017, are not eligible to be incorporated in the ESTIA scheme.
    7. The effective interest rate and repayment period are expected to be set within specific boundaries under the provisions of the ESTIA scheme.
    8. The final approval of the ESTIA applications will be provided by the responsible Governmental Authorities that will be charged with assessing the eligibility criteria and implementation of the Scheme.


    For a loan to be eligible, the criteria and conditions of the Scheme should be met during the period from September 30th, 2017, until the examination of the application.

    The above eligibility criteria are non – exhaustive and are applicable and are subject to any changes taking into account the principles and the final terms and conditions of the ESTIA Scheme as announced by the responsible Government Agencies.

    If you do not meet the criteria for participating in the Scheme, the Bank is willing to offer you alternative proposals to restructure your loans on a case by case basis.

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    More Information


    In case you wish to participate in the Scheme or if you require further information or assistance, please contact the loan servicer (APS Debt Servicing Cyprus Ltd) that is responsible for the administration and management of non – performing loans and real estate assets on behalf of Hellenic Bank at the ESTIA hotline (tel.: 22 690434) or email (cy-estia@aps-holding.com) and the following address:​​​​​​​

    APS Debt Servicing Cyprus Ltd.

    Amphipoleos 20,

    2025 Nicosia,

    Cyprus

    www.aps-holding.com


    Please also refer to the responsible Governmental Authorities for additional information on the final terms and conditions to be announced regarding the ESTIA Scheme.

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    Available Information

    For your communication with the Bank we kindly ask that you have the following information readily available:

    1. Name
    2. Permanent address
    3. Identification number / company registration number
    4. Registration number of the primary residence
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    Intention

    The intention of the Bank is to swiftly process all relative ESTIA Scheme applications, with a view to avoid any unnecessary delays. Therefore, we kindly urge any customers who fulfill the eligibility criteria of the ESTIA Scheme to contact us as soon as possible.

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Contact us for the ESTIA Scheme

APS Debt Servicing Cyprus Ltd