New improvements for the protection of primary residence

New improvements for the protection of primary residence

The Ministry of Finance will immediately promote additional improvements to the legislative framework for the protection of primary residence, aimed at removing the required supporting documents to make the process easier and faster for citizens.

That is what Minister of Finance Christos Staikouras pointed out in a statement today, adding that the Ministry, in collaboration with the Special Secretariat for Private Debt Management, “has been taking systematic and coordinated actions over the past three months to improve its legislative framework around primary residence, especially when it comes to the most vulnerable households that face financial difficulties”.

He further stressed in his statement that the Ministry of Finance, with all the initiatives it is promoting, combined with the implementation of policies to reduce tax burden and increase the disposable income of households and businesses, “is trying to make it easier for citizens, by excluding strategic non-payers, to cope with the high private debt that has accumulated in recent years”.

Specifically:

First, on 29 August, the Joint Ministerial Decision of the Ministers of Finance, Development and Investment and Labor and Social Affairs was signed, which abolished the proof of burden, which constituted a major obstacle for citizens’ applications.

Secondly, today begins the debate in Parliament of a draft law submitted by the Ministry of Finance, which includes a number of improvements to the existing institutional framework for the protection of primary residence, after a thorough study was conducted on the problems encountered in its implementation, in order to facilitate debtors, so that more beneficiaries can be included in the protective provisions of the law. The changes concern both new applications and applications that have already been submitted but have not yet been completed.

It is also noted that under Law 4605/2019, once the mortgage loan settlement process is completed via the electronic platform, the citizen can then file a lawsuit with the court in order to settle their remaining debts (that is, other loans with no mortgage on primary residence, arrears to government and insurance funds, debts to DEKO etc.). Collaboration with a lawyer is therefore compulsory in most cases. /ibna