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In the text below, reference is made to the Rent against installment scheme, the purpose of it, who could join it and the benefits and drawbacks of the scheme.

Rent against installment scheme has been recently approved by the European Commission and the Council of Ministers. The main objective of this scheme is to reduce the non-performing loans.

The following individuals are eligible to join the Rent Against Installment Scheme:

  • Recipients of social aid with non-performing loans on 31/12/2021 and which remained non-performing on 31/12/2022, secured by their primary residence, with a market value of up to €250.000.
  • Those who requested to be part of the ESTIA scheme and OIKIA scheme, and they have been assessed or will be assessed as eligible but unsustainable, and the market value of their residence is up to €350.000.
  • Those whose participation in ESTIA scheme and OIKIA scheme has expired.

Through the rent against installment scheme, people will transfer the ownership of their primary residence to the Cyprus Asset Management Company (KEDIPES) while they maintain their residency in the property and the rent shall be paid by the Government.

According to the aforementioned scheme, the Banks and the Credit Acquiring Companies should write-off the loan which is secured by the primary residence and release the property from the mortgage. Moreover, KEDIPES will rent the property to the former owner for a period of 10-15 years and after five years, borrowers and/or their first-degree relatives will be able to re-purchase their residence.

On the one hand, borrowers will lose ownership of residence due to the inability of the latter to sustainably restructure their loan secured by their primary residence. On the other hand, their loan will be written off and their property will not be foreclosed. However, during the implementation of the scheme, there will be a financial burden to the Government. 

For more information, please visit our website microsite on Banking and Finance or send your queries at This email address is being protected from spambots. You need JavaScript enabled to view it. 

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