Changes made to “First House” program

The Government approved the diminution of the initial own contribution within the “First House” program from 10% to 5% of the purchase price of the apartment. Simultaneously, it is increased the age limit of persons who can take part in the program from 45 to 50 years, IPN reports.

There will also be excluded the conditions concerning the lack of dwelling or ownership of homes not larger than 9 m2 per family member. The persons who own homes, but intend to purchase a larger house will also be able to apply to the program.

Another amendment defines the mechanism for providing compensations (equal to 50% of the balance of the loan) to private individuals who took out a home loan before the launch of the “First House” program and meet the program’s eligibility criteria.

The compensation for families with three and more children is increased to 100% of the home loan (main sum).

According to Deputy Prime Minister Sergiu Pușcuța, Minister of Finance, the implementation of the given changes will result in a rise in the number of private individuals eligible to take part in the program.

Under the 2020 state budget law, 90 million lei will go to implement the “First House” program, 40 million lei of which for compensation programs.

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