Announcements on programme for cheap housing loans to be made on Thursday, Hatzidakis says

Announcements by the ministers involved are to be made on Thursday regarding a programme to restart housing policy, in line with what Prime Minister Kyriakos Mitsotakis said at the 86th Thessaloniki International Fair (TIF), Labour and Social Affairs Minister Kostis Hatzidakis told the state broadcasting television channel ERT3 on Wednesday.

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He said the labour ministry will be in charge of the biggest part of this programme, while also running several individual sub-programmes.

Regarding the cheap housing loans, he said this programme will begin with 500 million euros, of which three quarters will be given by the Public Employment Service and be interest-free, while banks will put up the remaining 25 pct. The banks will also be responsible for selection based on specific criteria and the interest rate will be extremely low, as 75 pct of the loan will be interest-free.

"Essentially we are talking about the cheapest housing loans. If someone borrows 100,000 euros for a house, the monthly installment will be 275 euros. They will pay 275 euros a month and get to keep the house," he noted.