Romanian PM Deems "First House" Program Operational As Of Jun 20

Romanian citizens that do not own a home and have never taken a mortgage loan will benefit, as of June 20, from the state guarantee for a loan to acquire their first dwelling, no matter the applicant’s age, Prime Minister Emil Boc said Wednesday.

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The methodological norms on the "First House" program will be completed in a maximum 15-day period.

The Romanian Government announced two weeks ago a program to guarantee the loans contracted for the purchase of the first home, within the maximum limit of EUR60,000, with the entire financing granted to this program reaching EUR1 billion.

The guarantee will be granted to the persons buying their first dwelling who did not previously benefit from a mortgage loan.

Boc previously said the selection criteria of the banks that will further take part in the government’s program will include the lowest interest rates, charge-free early loan repayment, a down payment of maximum 5% of the loan value, and dwelling’s evaluation procedures.

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