Specifically, -as noted in the Ministry's of Finance announcement- the program provides a state subsidy of the mortgage loan installment of vulnerable debtors in the amount of 70 to 210 euros per month, depending on the composition of the household.
The duration of the program will be 15 months and will be submitted to Parliament for a vote in the near future. The main benefit for vulnerable debtors is the avoidance of creditors' measures (eg foreclosures, auctions and evictions).
Eligible are debtors who meet the income, property and other criteria that were established and are valid in the welfare program "Housing Allowance" (JM 71670, Government Gazette 4500 / Β / 29-09-2021), according to which:
a) the total income must not exceed €7,000 for a single person household, increased by €3,500 for each member of the household and up to €21,000 per year, regardless of the composition of the household.
b) the total taxable value of the real estate must not exceed the amount of €120,000 for a single person household, increased by €15,000 for each additional member and up to the amount of €180,000.
In addition, the property limit applies to deposits, bonds, shares, etc. which applies to the "Housing Allowance".
These criteria are cross-checked when issuing a certificate of vulnerability, which is necessary for participation in the program and is issued by a special electronic platform of the Special Secretariat for Private Debt Management.
The online platform will be user friendly, eliminating the need for manual collection of supporting documents when submitting the application and significantly reducing bureaucracy. In addition, the electronic platform will carry out automated checks and crossings, in order to prevent and exclude strategic defaulters.
