23
Jun
Jun
14
Mar
On 14th march 2023 Polish government has approved a draft law on a “Kredyt na 2 procent [2%]” to support the purchase of a first apartment or to build a house. The program will be available to individuals under the age of 45 who are not property owners or co-owners. The law’s main objective is to provide financial support to people purchasing their first property or to build a first house. The program will be funded by the state, which will subsidize mortgage payments for 10 years, making the interest rate fixed. The state will contribute to monthly mortgage payments over the course of a decade, as if the interest rate were a fixed 2 percent. Please be advised that bank will add the margin to that.
According to Prime Minister Mateusz Morawiecki, the “Programme First Apartment (Program Pierwsze Mieszkanie)” is a systemic solution that offers access to a safe and stable source of financing and encourages savings with a bonus from the state. The government will subsidize monthly mortgage payments, for a period of 10 years, so that it would be an affordable option for the people who will take advantage of this program. The program covers not only the purchase of a flat but also the construction of a house. The maximum credit amount is between 500,000 and 600,000 PLN, depending on the size of the household. The maximum own contribution that the borrower can engage in cash is 100,000 PLN for single household and 200,000 PLN for mulit-person household.
The beneficiaries of the program will not be subject to any income limits, but there are maximum limits on the value of the property. For single-person households, the limit is 500,000 PLN, while for multi-person households, the limit is 600,000 PLN. The project has been It means that the maximum price of the property can be respectively 600,000 and 800,000 PLN.
submitted to the Sejm, where it will undergo further scrutiny before it can be enacted.
Kredyt na 2 procent (The 2 percent credit) is expected to provide affordable housing options for people who would otherwise have difficulty entering the property market. The program will be particularly beneficial for young people who are struggling to find a foothold in the housing market. The program is part of the government’s wider housing policy, which aims to improve access to affordable housing for all.
At the moment, the draft lacks details about the participation of foreigners in subsidies and anti-speculative restrictions, i.e. a ban on renting purchased apartments. There is still a lot of time left until July, we are waiting for the development of the situation.
We prepare our clients for all loan options, taking into account the assumptions of the Loan 2% and Apartment Without Own Contribution program.
Don’t hesitate to contact us:
www.polassets.com/kontakt
info@polassets.com
+ 48 71 707 00 26
