New state-backed first home scheme upgrades to second homes
FIRST HOME REVAMP Romania’s Government has launched the fourth version of its Prima Casa (First Home) programme, which will now allow existing owners to purchase their second home.
May 2011 - From the Print Edition
Under the scheme - now in its third year - Romania’s first-time buyers have been able to take out a credit from a private bank to purchase a residence at an attractive interest rate, backed up by guarantees from the state.
The new programme will be open to people who already own a home of a maximum 50 square metres in size, who want to sell to buy a larger property.
The scheme also allows buyers who had once owned a home of any size to buy a new one. The age limit for buyers of 35 years has also been eliminated.
On the other hand, the state guarantee for loans decreased from 100 per cent to 50 per cent of the amount, which could make banks more cautious in granting loans.
Banks active in Romania have three months to determine whether to accept the new conditions.
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