Five banks provide loans within First Home programme in Moldova

Chisinau, 4 May /MOLDPRES/ - Another bank will provide loans within the First Home governmental programme. Eximbank is the fifth banking institution which already receives applications. The other four banks involved in the project are Moldindconbank, Victoriabank, Moldova Agroindbank and Mobiasbanca. The applications on providing the mortgage loan can be submitted to any branch of the partner banks from Chisinau and throughout Moldova.     

The First Home programme, launched on 26 March 2018, is a social project under which the state wants to directly back all young people willing to buy a dwelling. The product is more accessible in comparison with other real estate credits, as the state provides guarantees in this programme and the beneficiary pays an initial advance of only ten per cent, thrice lower than for the usual mortgage loans.

Any citizen of Moldova who is aged up to 45 and has an official job can be beneficiary of the First Home programme. Persons interested in the programme must not have another real estate with purpose of living or active mortgage loan and the monthly salary should be twice higher than the monthly rate. The incomes got abroad by the wife, husband or first-degree relatives of those who will access the programme will be regarded eligible. The dwellings must be finished, made available for living and registered in the real estate register of the Public Services Agency. The period of repayment of the mortgage credit, except for its anticipated payment, will be of up to 25 years.   

A guarantee fund worth 50 million lei is already provided for in the state budget for 2018. The fund covers about five per cent of the mortgage loans which might be provided through the First Home governmental programme this year.  

The implementation of the programme is made through the Organization for Small and Middle Enterprises Sector Development, which is delegated to issue guarantees on behalf and at the expense of the state, in favour of financing banks, which provide mortgage loans to private persons to buy dwellings, accepted within the Programme.  

About 10,000 families are expected to apply for the First Home programme in 2018. The government is set to propose amendments to the normative acts and legislation, which would concern the currency risk, increasing the number of people whose incomes can be taken into account when providing loans with the second-degree relatives, as well as the inclusion not only of the employees, but also of entrepreneurs in the Programme.   

(Reporter V. Bercu, editor L. Alcaza)