Rate subsidy extension Cyprus
The Cyprus Government announced on 19th February 2021, that it was extending the interest rate subsidy scheme until the end of 2021, and also raising the ceiling for housing and business loans.
Housing loans have been raised from €300,000 to €400,000. The scheme provides for the subsidy of interest of 1.5% for four years and the maximum grant is now €24,000.
Business loans have been raised from €800,000 to €1.8 million. The interest rate will be subsidised up to 2% for the first two years for all businesses. For the third through to the 4th year the loan will be subsidised up to 2% for small and medium-sized businesses and up to 1.5% for larger corporations.
The Finance Minister Mr Petrides, also said borrowers who have already received a loan under the current scheme can apply to receive a subsidy for up to €400.