OEK to provide bigger loans

Large families and people with special needs will be entitled to substantially higher mortgage loans for the purchase of their first homes from the state-owned Workers’ Housing Organization (OEK), the Labor Ministry announced yesterday. OEK seeks to cover the housing needs of special categories of people such as large families, the elderly, those with disabilities, and refugees. It provides finished homes and mortgage loans to beneficiaries. Families with four children are eligible for mortgage loans up to 60,000 euros, significantly higher than the 38,151 euros currently given out by OEK. The loan goes up by 6,000 euros for every additional child beyond four. Families with three children and with a member suffering from a disability are entitled to mortgage loans up to 55,000 euros, an increase of 14,849 euros from the 38,151 euros presently given out by OEK. Mortgage loans for people with special needs have also increased to a maximum of 52,000 euros. The loans are interest-free and repayable over a period of 25 years. Separately, Labor Minister Dimitris Reppas met with his staff yesterday to review the ongoing restructuring at the Manpower and Employment Organization (OAED) and its three subsidiaries. The latter companies have already drafted their articles of association and are poised to commence operations shortly.