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A man whose home loan repayments shot up from €350/month to €900/month handed the keys of his home to the Bank of Cyprus today accusing the bank of abusing the terms of his loan agreement.
A DESPERATE home owner who could no longer afford to repay his loan walked into a branch of the Bank of Cyprus in Limassol earlier today and handed the keys of his house to bank employees. The 35 year-old said that he was paying €350 a month for the repayment of his Swiss Franc loan but that the Bank had increased his monthly instalment to €900 abusing the terms of his loan agreement following the appreciation of the Swiss Franc against the Euro. He added that he had decided to hand the keys of his apartment to the bank to avoid the proceedings and the hardship of repossession. Around 100 people gathered outside the bank in solidarity with the man.
Green party MP George Perdikis who accompanied the man to the bank called for the write off of loan charges resulting from the inability of debtors to repay their loans.
Read more at: http://www.news.cyprus-property-buyers.com/2015/03/13/man-hands-home-keys-to-bank/id=0052123
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