“Buying a House for the Youth” is a new project that the Government will start from February 1, 2016, which at today’s press conference was announced by Prime Minister Nikola Gruevski. The aim of the project, as the Prime Minister put it, is the youth up to 35 years old should have easier access to getting their own homes, and the project includes two models for financial assistance for applicants.
The first model subsidizes 80 percent of the instalment loan (basic amount and interest) in the first eight years, and in the next three years the subsidy will amount to 50 percent. The subsidized period for instalments will be for 11 years.
“If the instalment of the loan is 200 euros, the government will pay 160 euros for eight years. In the next three years, the Government will pay 100 euros. The subsidy that the government will give, would be for loans up to 50,000 euros and a repayment period up to 20 years. This means that for a loan of 50,000 euros, the subsidies will amount to 33,000 euros. To the credit of 40,000 euros, the subsidies will be 28,000 euros, and for a loan of 30,000 euros, the government will pay subsidies of 20,000 euros”, pointed out Gruevski.
The second model is one hundred percent subsidy payment of grants to participate in the loan.
“In accordance with the terms, participation in the loan is 25 percent of the loan amount. Therefore, in case you use the maximum amount of the loan of the 50,000 euros, the government will pay a grant of 12,500 euros. For a loan of 40,000 euros, the grant the government will pay will be 10,000 euros. To the credit of 30.000 euros, the grant is 7,500 euros”, added Gruevski.