Major changes in "First Home" Scheme
Buyers who own a home with an area no larger than 50 square meters will be eligible for the "First Home" Scheme, the condition that the loan could be given only to people younger than 35 being also eliminated.
Articol de Răzvan Stancu, 31 Martie 2011, 15:20
The "First Home" Scheme continues with major changes, which will permit the duplication of the beneficiaries’ number, according to Prime Minister Emil Boc.
"The fact that from now on the guarantee will be shared 50-50 between the bank and the state represents the first change. The second major change consists in the fact that buyers own a home with an area no larger than 50 square meters and want a larger home, will be able to access the First Home Scheme", Emil Boc said.
Thereby the guarantee for the purchase of homes through the"First Home" Scheme will be equally shared between the state and the concerned bank.
The banks will also be able to transfer between them the guarantee portfolio.
Buyers who already own a home with an area no larger than 50 square meters will be able to access governmental guarantees, regardless of age, because in their case the condition to be younger than 35 is eliminated.
The Prime Minster also stated that banks have 3 months to take part to this second stage of the ‘First Home’ Scheme.
Translated by: Lidia Enăsoiu
MA Student, MTTLC, Bucharest University
