Greece’s four systemic banks on Thursday unveiled a proposal aimed to offer relief to vulnerable households paying off mortgages, following government pressure on the thrice-bailed out creditors amid rising interest rates on loans.

The proposal was unveiled after yet another meeting with Finance Minister Christos Staikouras, who has represented the government in talks to get banks to offer relief.

Representatives of Alpha Bank, Eurobank, National Bank and Piraeus Bank said they would cover 50 percent of recent increases in monthly payments, with the date of the measure retroactively set June 30, 2022.

Eligible borrowers are those paying off a mortgage or a small business loan guaranteed with a primary residence as collateral.

However, strict income criteria for relief is expected to limit the number of borrowers that benefit from the proposal, as the annual income criteria is 7,000 euros – increased by 3,500 euros per additional family member, and with maximum annual household income of 21,000 euros.

Additionally, the maximum value for the primary residence is 180,000 euros, as based on objective property tax valuation.

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