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Sunday, October 24, 2021

Mortgage loans without own contribution. MPs in favor

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On Friday, the Sejm adopted an act on a guaranteed housing loan and on repayments of this loan in connection with the enlargement of the household, which is part of the package of solutions under the Polish Deal.

398 deputies voted in favor, 50 were against, 8 abstained.

The act provides that the own contribution of the borrowers participating in the program will be guaranteed by the State Treasury. At the same time, the deputies supported, inter alia, for the amendment proposed by KO aimed at ensuring that the guaranteed housing loan may also be granted “in connection with the acquisition of the ownership title to a single-family house or apartment, including finishing the purchased house or flat”.


Polish order. Loan without own contribution

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The new regulations provide that the state, through BGK, will guarantee up to 20 percent. loan amount, but not more than 100 thousand. zloty. BGK will make a one-off repayment of a part of the guaranteed housing loan in connection with the birth of a child. It will be the so-called family repayment, which will amount to PLN 20 thousand PLN in the case of increasing the household with a second child and 60 thousand. PLN if the household is enlarged by a third or subsequent child.

The loan will be granted for a minimum of 15 years in the Polish currency. The draft also includes mechanisms to limit the risk of stimulating housing price growth. It will be the introduction of a maximum price limit (including the construction contribution) per 1 sq m of usable floor space of the financed apartment.

The second possible mechanism will be an authorization for the Council of Ministers to lower, in the regulation, the amount of the coefficients influencing the statutory price limits.

Main photo source: Shutterstock

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