Cumulative ceiling for redesigned ‘New Home’ program is EUR 700 ml

The government has EUR 700 million available for the redesigned form of the “First Home” program setting forth new terms, Finance Minister Sebastian Vladescu declared on Wednesday at the end of the government meeting.

“The amount available for this program is 700 million euros. Whoever owns a land plot and also holds a building permit will receive, after the new normative acts are published, a guarantee of 70,000 euros, and the settlement will be performed according to a milestone completion stages, and not at the end of the project, as by now. For a group of at least seven persons who join in an association, no matter if they build a block of flats or condominium homes, the guarantee is 75,000 euros,” Vladescu stressed.

The minister said that the down payment is five percent, interest rates are the same and money will come from the National Guarantee Fund, which will also extend an invitation to the banks that have not yet joined the program.
Those who do not yet qualify for the acquisition of a residence built by the National Housing Agency (ANL) might see a change for the better next week, when the government will approve the amendments to Law No. 152 on the ANL, said Minister of Development Elena Udrea.

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