Housing scheme gets under way

The Public Employment Agency (DYPA)'s Spiti Mou (My Home) program is set to launch on Monday with the participation of all systemic banks. The program foresees 5,000 loans being taken out by young people and couples aged 25 to 39, with the interest rate limited to a quarter of the normal market rate. If a couple has three or more children, the interest rate will be zero.

The program has a total budget of 500 million euros (although this could increase) and aims to benefit 10,000 people (couples or families).

The applications to the banks will start on April 3, as announced on Friday by Labor Minister Kostis Hatzidakis and Minister of State Akis Skertsos. The two ministers estimate that the beneficiaries could even be able to acquire a private residence by the end of the year.

As for the monthly installment, this will be significantly lower than that on normal...