An agreement between Greece and its lenders will lead to the vast majority of non-performing loans (NPLs) linked to primary residences with a taxable value under 140,000 euros being protected from sale until 2018, Economy Ministry sources have disclosed.
The government said on Saturday that the framework for the sale to distressed debt fund of overdue bank loans had been agreed, a necessary condition for the current bailout review to be completed.
According to the Economy Ministry, income criteria will not apply to the primary residence-backed NPLs that will be excluded from sale. When coupled with the 140,000-euro “objective value” ceiling, this means that 94 percent of mortgages linked to main homes will be exempt from sale, the government says.
The ministry clarified that the homeowners whose loans will be sold by banks will not experience any major change. The organizations that buy the loans will be required to use debt collection agencies that are registered in Greece and which have been licensed by the Bank of Greece.
Source: ekathimerini.com
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
