The Housing Finance Corporation (HFC) is struggling with loan applications due to a surge in demand and understaffing, with processing times reaching 67 months in highdemand areas like Nicosia and Limassol. The HFC also faces financial strain from a high percentage of nonperforming loans, posing risks to government funds and prompting calls for immediate improvements in staffing and technology.
housing finance corporation
The Housing Finance Corporation (HFC) has been granted the power to purchase performing loans and sell nonperforming loans, enabling it to actively manage its loan portfolio. With 44 percent of its total loans classified as nonperforming, this new law allows the HFC to tackle the challenge of NPLs and strengthen its financial foundation.