Photo: Milovan Milenković
The Parliament of Serbia adopted a law that enables subsidizing loans for the purchase of real estate for young people aged 20 to 35
After the announcement in December, Assembly of Serbia adopted on Thursday (March 6) the Law on establishing a guarantee scheme and subsidizing part of the interest as a measure to support young people in purchasing their first residential real estate
The law provides for guarantee schemes and subsidizing part of the interest for the purchase of the first real estate for young people aged 20 to 35 with a minimum participation of one percent of the real estate price.
146 deputies voted for that law.
Conditions for taking out a loan
Temporary employees, farmers, self-employed income tax payers and independent artists can apply for a loan, while temporary employees are required to provide a guarantee from a family member upon request.
The unemployed are obliged to provide a joint guarantee of a creditworthy family member.
The maximum value of the loan that can be taken out is 100.000 euros, and there is no limit when it comes to the price of real estate, nor the price of square meters per city.
Banks are obliged to offer clients for real estate up to 100.000 euros a down payment of one percent and a grace period of one year, but each client has the right to increase the down payment and not use the grace period, as well as to repay the loan early without compensation, in part or in full.
Participation in housing loans for all was previously 20 percent.
These legal solutions foresee a grace period of one year with a fixed interest rate of 3,5 percent, the state subsidy is two percent, and the interest rate for the user is 1,5 percent.
From the second to the sixth year, the fixed interest rate will be 3,5 percent, the state subsidy will be two percent, and the interest rate for the user will be 1,5 percent. After the sixth year, the interest rate becomes variable.
The repayment period of this loan will be up to 40 years, and at the most up to the age of 70, while the state guarantee is 40 percent until the tenth year of loan repayment.
With the money from this loan, it will be possible to buy a house, an apartment and parts of a residential building that are intended for living, a garage or a garage space, if it is together with the apartment, as well as land with a building permit for the construction of a house, but only registered objects, whether they are in old buildings or new buildings.
It will also be possible to purchase buildings under construction.
Let us recall that the adoption of such a law was first mentioned by the President of Serbia, Aleksandar Vučić, in mid-December, during the first weeks of the faculty blockade.
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