ESTIA Scheme

Hellenic Bank has decided to participate in the Estia Scheme, which will take effect on 2 September 2019.

Estia is a one- time scheme, aiming to achieve a socially acceptable and financially viable restructuring solution for 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 final terms and conditions of the Estia Scheme, the applicant should complete and submit the application and all necessary supporting documents to the Bank during the period 2 September – 15 November 2019 . The Scheme aims to provide financial help towards borrowers with Non-Performing Loans secured with eligible primary residence.

  • Eligibility Criteria 
  • More Information
  •  Available Information
  • Intention


Important notice: Estia Scheme has been extended. Click here to view the new deadlines.


  • 1

    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 does not exceed €350,000.

    2. At least 20% of the outstanding balance of the credit facilities of the borrower were in arrears for more than 90 days as per the provisions of the Arrears Management Directive, prior to 30 September 2017 and up to the date of submission of the Estia Scheme application.

    3. The total household income of the applicant for the years 2017 and 2018 should not exceed the following thresholds:
      - €60.000 for family with at least four dependent children
      - €55.000 for family with three dependent children
      - €50.000 for family with two dependent children
      - €45.000 for family with one dependent child
      - €35.000 for family without dependent children
      ​​​​​​​- €20.000 for single parent households

    4. The household net assets of the applicants (excluding primary residence) should not exceed, in market prices for the years 2016, 2017 and 2018, 80% of the market value of the eligible primary residence as per the process of valuation of properties for Estia Scheme purposes, without exceeding the threshold of €250,000.

    5. Any cash or deposits that exceed €10.000 or 20% of the net household assets of the applicant, whichever is greater in value, which do not secure any credit facilities of the applicant, will be set off with the non performing loan prior to the restructuring process. Cash and deposits of dependent children of the household do not apply to the above calculation.

    6. The applicant is a citizen of the European Union with permanent and continuous residence of the E.U. since 2013. Continuous residence is not interrupted if the applicant was abroad: (a) up to one (1) month per year, (b) for health reasons (c) temporarily for studies.

    7. The effective interest rate and repayment period are 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 Authority (Ministry of Labour, Welfare and Social Insurance that has been appointed by the Council of Ministers on 1/11/2018, as administrator of the Scheme).


    The above eligibility criteria are non – exhaustive taking into account the final terms and conditions of the Estia Scheme as announced by the responsible Governmental Authorities.

    Important dates: Click here to view the new deadlines.

    • The applicant completes and submits to the Bank, the application and all necessary supporting documents and information within the period:

    2 September 2019 – 15 November 2019

    • According to the result of the viability assessment to be carried out by the Bank, standardized restructuring solutions will be offered to successful applicants as per the provisions of the Estia Scheme during the period:

    2 September 2019 – 16 December 2019

    In case the Bank considers that the applicant does not have the repayment ability in order to be provided with a viable loan restructuring solution, the applicant will not participate in the Scheme and in such a case the Bank will inform the responsible Authority.

    The responsible Authority shall:

    (a) Assess and validate the application and the information provided by the applicant and

    (b) Inform in writing the Bank and the applicant about the outcome of the application during the period:

    2 September 2019 -  March 2020


    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.

  • 2

    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


    For any additional information, please refer to the final terms and conditions of the ESTIA Scheme as published by the Governmental Authorities:

    http://mof.gov.cy/en/useful-links/the-estia-scheme

  • 3

    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
  • 4

    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.

Contact us for the ESTIA Scheme

APS Debt Servicing Cyprus Ltd