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First Apartment – Secure Loan 2 percent. The government has adopted the bill – Prime Minister Mateusz Morawiecki comments

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On Tuesday, the government adopted a draft law on the First Apartment programme, Prime Minister Mateusz Morawiecki announced at a press conference. The regulations will now be submitted to the Sejm for work. The program is scheduled to start on July 1, 2023.

The draft act on state aid in saving for housing purposes was prepared by the Ministry of Development and Technology. The first announcements in this regard appeared in December 2022. The regulations, with a few exceptions, are to enter into force on July 1, 2023.

Read also: There is a reaction to government announcements. “Big interest”

Secure Credit 2 percent

Program First Apartment is to consist of two elements. The first one is Secure Credit 2 percent, which will be addressed to people up to 45 years of agewho do not have and have not had a flat, a house or a cooperative right to a flat or a house. In the case of a married couple or parents of at least one common child, the condition of age and “first residence” will have to be met by at least one of them.

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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. This is to guarantee a stable level of loan installments. According to the authors of the draft, such a solution will mean “practically a return to the terms of granting mortgage loans similar to the pre-pandemic period, when WIBOR 3M was stable at 2-3 percent.” WIBOR together with the bank’s margin are components of the loan interest rate, thus affecting the amount of monthly installments.

The maximum loan amount that one person is to be able to obtain under the Secure Loan 2% is PLN 500,000. zloty. In the case of a married couple or parents with a child, the maximum loan amount will be PLN 600,000. zloty. On the other hand own contribution the borrower will be able to reach a maximum of 200,000. zloty.

You will be able to get a loan for apartments both with primary marketas well as secondary. According to the government’s assurances, there will be no limit on prices per square meter of housing in the program.

According to government estimates, in 2023, 10,000 will be granted under the Safe Credit 2 percent. loans, and in 2024 40 thousand. The value of the financing granted was estimated at PLN 3.2 billion and PLN 13.2 billion, respectively. According to the draft, the source of financing of subsidies to installments will be the Government Housing Fund already existing in Bank Gospodarstwa Krajowego.

For now, it is not known which banks will take part in the Safe Credit 2 percent. The Ministry of Agriculture and Technology indicated that those financial institutions that will sign an appropriate agreement with Bank Gospodarstwa Krajowego and introduce instruments to their product offer will participate in the program.

Housing Account

The second instrument that makes up the First Apartment program is Housing Account. “An account can be opened by a person who does not have and did not have an apartment, a single-family house or a cooperative right to a flat or a single-family house. The program may also be attended by a person who lives in one owned flat with at least two of their own or adopted children” – we read on the website of the MRiT.

The minimum monthly payment to the account will have to be PLN 500, and the maximum PLN 2,000. zloty. The account holder is to be entitled to 1 month of vacation from saving each year, without consequences.

“A minimum of 11 payments during the year in the amount of at least PLN 500 is a guarantee of an additional Housing Bonus from the state. If you do not meet this condition in one year, you can still get a bonus in the next year – provided you meet the condition of 11 payments” – explained the ministry.

As announced, the bonus will be equal to the annual index inflation or the index of change in the price value of 1 m2 of usable floor space of a residential building. The bonus is to be accrued annually and paid once. Savings will additionally bear interest in accordance with the bank’s offer, with the interest being exempt from the so-called beam tax.

The Ministry of Development has stipulated that the housing bonus and tax exemption will be granted only in the case of payment of funds set aside for, for example, the purchase of the first apartment or the purchase or construction of a single-family house.

Main photo source: Damian Lugowski / Shutterstock.com

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