From Monday, April 3, 2023, the submission of applications to banks by young people and young couples for the granting of interest-free or low-interest loans, with an interest rate corresponding to a quarter of the normal market interest rate, for the acquisition of a first home begins.
Through the program, more than 10,000 beneficiaries can, within the year, acquire a private residence, with a monthly installment significantly lower than that corresponding to market mortgages, as 75% of the capital is granted by the Public Employment Service (PYPA) it is interest-free, while for those with three children and many children (and those who acquire this status during repayment) the loan is granted in its entirety without interest.
It is estimated that the borrowers will have a significantly lower installment compared to the housing loans granted by the banks and, accordingly, a much smaller burden than any increases made or may be made in bank interest rates, due to the international crisis.
However, those who are interested, search it well and examine the fine print, where sometimes “surprises” are hidden… good, bad!