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Banks required to keep early loan repayment free of penalty

Keeping early loan repayments free of penalty and the system for the technical assessment of the building pledged as security are the requirements banks need to meet in order to qualify for the credit guarantee program for the acquisition of the first home, Prime Minister Emil Boc on Thursday evening told a televised broadcast.
These two requirements add to a previously announced pair of conditions – a maximum advance of 5 pct and a low interest rate. ‘For instance, let’s say I take out a 30-year loan, but after 10 or 5 years I have enough money to fully repay it. Now I get penalized. Our requirement is that there should be no early repayment charge. You want to repay the loan, you can do it all right.
The system for the assessment of the building pledged as guarantee will also be a criterion, because banks have all kinds of assessment systems in place,’ said Emil Boc on the B 1 TV channel.

The Prime Minister mentioned that the program, which is supposed to come in effect within 60 days, will be „multiplied” if it proves successful, by supplementing governmental guarantees. He reiterated that in its next Wednesday meeting, the government will amend the emergency ordinance on the guarantee fund, extending its scope for the grant of housing loans.
The government decided this Wednesday to secure mortgage loans for first home buyers. Basically, this is about state guarantees, said Premier Boc, and the maximum loan subject to guarantee is 60,000 euros.
The beneficiaries are individuals, especially young people who wish to purchase a new home – either a new building, or one from the existing housing stock – and who have never before received a mortgage loan and own no property. The banks participating in this program need to meet particular eligibility requirements.

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