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Raiffeisen Bank Romania OKs EUR50m budget for credits within the ā€œFirst Houseā€? program

Lender Raiffeisen Bank Romania approved a 50 million euro budget for credits granted through the "First House" program, volume which can be expanded depending on the conditions on the market, said the bank's vice president responsible with the retail division, Razvan Munteanu.

The interests applied are those foreseen in the ordinance.

The "First House" program will not lower interests significantly, deems Munteanu, unless interests for deposits reduce and Romania's risk perception improves.

Munteanu said he does not expect the "First House" program to have an impact over credit costs in general, but can contribute to slashing apartments reserve, prompting a gradual advance in apartment constructions for the middle class. He added it is important that the final reading of the program to stimulate new apartment sales or starting new constructions.

Premier Emil Boc explained on June 14 the government will impose banks some conditions related to the margins practiced, so that banks granting mortgage loans through the "First House" program can apply a margin of maximum 4 percent per year over the EURIBOR interest rate at 3 months for credits in euros and a margin of 2.5 percent the most over the ROBOR rate at 3 months for credits in lei.

The lenders that want to participate in the program will need to have a national coverage, added Boc. Moreover, they will not ask for any commissions for anticipated payback and will not unilaterally modify the lending contract.

The persons who wish to contract such a loan must not have owned a property in the past or have contracted a mortgage loan

Banks will set a type I mortgage right on houses purchased through this program during the entire period of the crediting contract, with the interdiction to sell the house for five years.

 

Sursa: http://www.newsin.ro

Tags: program credits house first euro

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