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Secure Credit 2 percent. Readers’ questions answered

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Already on July 3, the Safe Credit 2 percent program is to be launched, which is another attempt to improve the housing situation of young Poles. Around this topic, there are a lot of questions from interested people. Some of them, asked by the editors of Kontakt 24, are answered by experts.

The Safe Credit 2 percent program is addressed to young Poles (up to 45 years of age) who have not had their own apartment so far and an upper limit of the loan amount has been set (PLN 500,000 for a single person, or PLN 600,000 for a married couple). or parent with child). The state will pay extra for such a loan in monthly installments for 10 years.

For more details on Secure Loan 2 percent, see: Loans with a subsidy to the installment. Everything you need to know

Secure Credit 2 percent. Questions and doubts

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While the basics are relatively clear, many “real-life” questions arise. Our readers send them to the editorial office of Kontakt24: “Can you take abroad? How long will the installments be reduced? Your questions about ‘Secure credit 2 percent.‘”.

He answered the first five of the following questions Bartosz Turk chief analyst at HREIT Investments.

It’s better not to mix and not divorce

1. “Can one of the spouses apply for a 2 percent loan if there is property separation? Can we divorce and file as a single?”

From the point of view of the Act, it is crucial whether the persons with whom we run a household own or have owned real estate. Creating an artificial reality through a fictitious divorce may be considered an attempt to circumvent the law or extort a loan. Another thing is that if a divorce actually takes place and the current spouses stop running a household, then the person who is not yet 45 years old, and does not have and has never had an apartment or a house, may apply for a preferential loan.

Secure credit and staying abroad

2. Can a 2 percent loan be obtained by a Pole permanently residing in another EU country or, for example, in England?

This is mentioned in Article 29 of the Act of 26 May 2023 on state aid in saving for housing purposes. It shows that people running a household outside Poland can take advantage of the preferential loan, but these people must have Polish citizenship. Interestingly, the ministry responsible for the bill also explains that the beneficiaries of the cheap loan program may have ownership rights to real estate outside Poland, because “the state does not have tools that could effectively check the ownership of real estate outside the country.” On the other hand, there is also a requirement in the act to live in the purchased or constructed property within 2 years of obtaining the right of ownership or completion of construction (in the case of building a house as an individual investor). If we do not start running a household in the property purchased in this way, we will lose the right to subsidies.

Interestingly, the Minister of Development and Technology answered this question in a slightly different way. Asked by Maciej Zalewski from the magazine “Polska i Świat”, Waldemar Buda said “If we do not live here, then we do not qualify for the program, because the condition is to live in a given apartment. If we assume from the very beginning that we will not live in it, well we will not use this formula, this is not what this program is for.”

How much does creditworthiness have to be?

3. “Whether he wants to combine a secure loan with a guaranteed one own contribution then let’s assume that: the cost of the property is 500,000, the guaranteed down payment is 100,000 – then my creditworthiness must be 500,000 or 400,000?”

We must have creditworthiness for the entire amount, because we take out a loan for the entire amount and pay interest on the entire amount. The guarantee is just a kind of insurance for the bank granting the loan. To put it simply, it works in such a way that the aforementioned PLN 100,000 will actually be transferred by BGK to the bank granting the loan if the borrower stops paying the loan and recovery takes place.

Who makes the valuation of the plot?

4. “If a plot is the own contribution, its value may be greater than PLN 200,000, but my question is whether the valuation of the plot is made by an appraiser who comes and inspects it, and on the basis of various components, evaluates how much it is worth?”

That’s exactly how it should be. It is the property appraiser who should determine the value of the property. In this case, it is worth getting acquainted with the specific procedures at the bank to which we will submit the loan application. It may turn out that the bank will accept an appraisal report prepared only by an appraiser cooperating with a given institution.

Can parents guarantee a loan?

5. “If a 19-year-old child has no creditworthiness, can parents guarantee him this 2 percent loan? The son runs a company, but so far this company does not bring income.”

So far, I have come across such an interpretation from the banks that a parent who owns real estate cannot take a loan with a child in order to “build” his creditworthiness. Similar information can be found on the website of the relevant ministry. So there are ideas of enterprising parents to employ children on a full-time basis or to generate their creditworthiness in another way. If these are fictitious activities, then we could have serious problems. Such an action may be questioned, e.g. by a bank, and be considered a loan fraud. It is not without reason that in the Act on “Secure Credit 2 Percent” we have a reference to Art. 297 of the Penal Code, which provides for a penalty of imprisonment for extorting a loan. In such a case, it is safer to take an interest in the Housing Accounts introduced under the same act.

Inheriting an apartment does not exclude us from the program

On the other hand Rafal Wojciechowskiattorney-at-law, Head of the Capital Market Law Department, Director of the Warsaw Branch Office at Filipiak Babicz Expert House, answered the following questions on Contact 24.

6. “My sister and I inherited a flat from my parents in half share, will I get a 2 percent loan to buy half of her share and renovate it?”

The fact of inheriting one apartment from parents does not automatically exclude the right of a natural person to take advantage of the “Secure Credit 2 Percent” program – as long as that person meets the other conditions set out in the Act (i.e. he/she is 13 years old and on the day of concluding the account maintenance agreement he/she is not 45 years old , no other account is maintained for that person, no other deposit is maintained, no other account has been maintained or no other deposit has been maintained, unless their maintenance was terminated before the person turned 18 and the housing bonus was not paid).

However, the housing bonus is not payable in the case of acquisition of the ownership right to real estate from a person belonging to the first tax group referred to in Art. 14 sec. 3 point 1 of the Act of July 28, 1983 inheritance tax and donations (Journal of Laws of 2021, item 1043, as amended). Therefore, we will not receive a bonus if we acquire a share in the ownership of the property from a sister.

In addition, in the scope of renovation, the act provides for a limitation, i.e. funds may be used for renovation only in the case of a dwelling or a single-family house, excluded from use on the basis of a decision of the building supervision authority referred to in Art. 68 of the Act of July 7, 1994 – Construction Law.

7. “Can I apply for a safe 2 percent loan for the extension and general renovation of a house (currently uninhabitable) received as a gift?”

The answer to the question in question should begin with specifying the concept of a house unsuitable for residence – in order to be able to take advantage of the program, the house must be excluded from use on the basis of a decision of the building supervision authority referred to in Art. 68 of the Act of 7 July 1994 – Construction Law, issued: (a) in connection with a construction disaster or the effects of a flood, wind, landslide or other act of nature, or (b) at least 12 months before the account start date. If the above is met, then the fact of inheriting a house does not exclude the possibility of taking advantage of the program – provided that the other criteria provided for in the act, which were indicated above, are met.

The funds accumulated on the account or deposit may also be used for the renovation or reconstruction of a single-family house, excluded from use on the basis of a decision of the construction supervision authority referred to in Art. 68 of the Act of July 7, 1994 – Construction Law.

Secure loan as consolidation?

8. “Will the 2 percent loan be used as a consolidation of the existing mortgage loan?”

The Act does not provide for the possibility of consolidating the existing mortgage loan with a 2 percent loan. The “Safe Credit 2 Percent” mechanism consists in concluding an agreement with Bank Gospodarstwa Krajowego, which will run the so-called saver account and deposit – if the saver accumulates savings for housing purposes on a savings account under the name “Konto Mieszkaniowe” and a term savings deposit account under the name “Lokata Mieszkaniowa”, the saver will be able to acquire the right to a housing bonus in connection with the accumulation of savings on the account and deposit.

The Act provides for a catalog of purposes for which the funds accumulated in the account or cash deposit can be used, if one wants to receive a housing bonus. These goals do not include the repayment of mortgage loans taken so far.

This issue was raised in the Q&A available at: https://www.gov.pl/web/ Rozwoju-technologia/bezpieczny-credit, in which it was indicated, among others, that “At present, it is assumed that the safe instrument The 2 percent loan will be addressed to people who do not have and have not owned a flat (including a single-family house or a cooperative law regarding a flat or a single-family house) and are not a party to another mortgage contract for the purchase of a flat or a single-family house.


Main photo source: Shutterstock

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