1st April 2022, Skopje – Ministry of Finance will announce a new call for “Buy a House, Buy a Flat” Project, wherein the interested citizens can apply for subsidized loan, thus being provided with a new home. Information about the Project implementation and its extension in 2022 with a proposal for announcing a new call, was adopted at the session of the Government of the Republic of North Macedonia.
Citizens may apply for one of the two options, such as installment subsidy or participation subsidy for buying a flat or building a house, in the commercial banks, which are part of the “Buy a House, Buy a Flat” Project, upon announcing the public call.
So far, total of 2010 applications for subsidized housing loan have been approved, with the extended loans amounting to over EUR 73 million in total, while the approved subsidies have amounted to EUR 18.3 million.
Out of the two offered models, the citizens mostly used the installment subsidy model for which 1486 applications were approved, with 523 applications being approved for the participation subsidy model. According to the purpose, buying a flat was most common, i.e. out of the total approved applications, 1676 pertained to buying a flat, while 334 were related to construction, buying, extension or superstructure of a house.
“Buy a House, Buy a Flat” Project is realized as per the Law on Subsidizing Housing Loan, with several amendments to the criteria, so as to help the families, in particular youth population, to solve their own housing issue.
Interest rate in the first three years of the project realization was 4.99%, whereby upon the expiry of that period, in the next two years, the interest rate could have increased by 10% at the most. This was coupled by improving the conditions for acquiring a new home, whereby the greatest benefit for the citizens was the significant reduction of interest rates when extending subsidized housing loans. As regards the loan installment subsidy, in the first 3 years, the interest rate was reduced from 4.99% to 2.9% per year, while being reduced from 5.5% to 3.9% for the other 2 years. As for the participation subsidy model as regards the subsidized loan, the interest rate was reduced, accounting for up to maximum 6-month EURIBOR + 4.0 p.p. per year, throughout the loan repayment period.
By implementing the Project, the housing crediting was also significantly improved by commercial banks, offering, nowadays, housing loans with historic low interests and exceedingly favourable conditions. In addition, the fixed interest rate period has been increased up to 10 years from the previous period of 1 to 2 years as it was ten years ago. By taking into account the aforementioned, the Project objective was attained with many citizens having resolved their own housing issue.
In line with the Information adopted by the Government, this public call planned for 2022, will be the last public call within the “Buy a House, Buy a Flat” Project.
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