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First Apartment – Secure Loan 2 percent. President Andrzej Duda signed the law

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The First Apartment program is getting closer. President Andrzej Duda signed the act implementing the act on state aid in saving for housing purposes, the Chancellery of the President of the Republic of Poland announced. One of the pillars of the program is Safe Credit 2 percent.

At the end of May, the Parliament completed work on the act on state aid in saving for housing purposes, which implements the First Apartment program. The president signed the bill on Tuesday Andrzej Duda.

The Chancellery of the President pointed out that the main purpose of the act “is to improve the satisfaction of the housing needs of the society by supporting systematic savings for housing purposes related to the acquisition of the first own apartment or single-family house, and also – in the period of high volatility of macroeconomic conditions, including the persistence of high interest rates – increasing the ability to take out and repay loans granted to finance the purchase or construction of the first own apartment or single-family house.

The act, with the exception of some provisions, will enter into force on July 1, 2023.

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Secure Credit 2 percent

One of the elements of the program is Secure Credit 2 percent, which will be directed to people up to 45 years of age who do not have and have not had their own apartment before. The solution provides for subsidies to the loan for 10 years, so that the interest rate on the liability is 2% throughout this period. plus the bank’s margin.

According to the announcements of the Minister of Development and Technology, Waldemar Budy, the program is to be launched from July 3, 2023.

The source of financing of subsidies to installments will be the Government Housing Fund already existing in Bank Gospodarstwa Krajowego (BGK). The Ministry of Development and Technology indicated that the program will be attended by those financial institutions that sign an appropriate agreement with Bank Gospodarstwa Krajowego and introduce instruments to their product offer. Katarzyna Fortuna from Bank Gospodarstwa Krajowego informed that four banks declared the introduction of a “secure housing loan” from 3 July.

Secure Loan 2 percent will cover not only apartments on primary market and secondary, but also building your own house.

Limits in the Secure Credit 2 percent program

Amount of “secure loan” cannot exceed 500,000. zloty or – if the borrower runs a household together with a spouse or have at least one child – PLN 600,000 zloty. Own contribution cannot be higher than 200,000. zloty. In the absence of own contribution or incomplete contribution, it will be possible to use the guarantee of Bank Gospodarstwa Krajowego.

The value of financing granted under the Safe Credit 2% was estimated at PLN 3.2 billion in 2023 and PLN 13.2 billion in 2024, respectively.

The second pillar of the First Apartment program is the Housing Account, i.e. assistance in saving for the purchase of an apartment.

Main photo source: Shutterstock

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