Romania's "First Home" Program To Continue In 2011, With EUR200M Guarantee Cap - PM

Romania's "First Home" program, which offers loan incentives to first-time home owners, will continue in 2011 with a guarantee ceiling of at least EUR200 million, Prime Minister Emil Boc said Friday.

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The second stage of the "First Home" program, launched in early 2010, saw the state guarantee loans for the purchase of a new home up to EUR60,000, in the case of older buildings or buildings under construction, and EUR70,000, in the case of planned buildings. Buyers organized into associations were eligible for state guarantees of up to EUR75,000.

"First Home" loans in local currency have an interest rate calculated as three-month ROBOR plus up to 2.5 points, while those in euro use EURIBOR as reference, plus up to 4% per year.

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