Prima Casă Plus sees increased applications and higher loan limits
Commercial banks have recently started receiving applications from citizens interested in purchasing a home through the government credit program "Prima Casă Plus." (First House Plus)
Daniela Rotaru, manager of a mortgage centre, reported on the "Bună Dimineața" (Good Morning) show on Moldova 1 that there has been a significant increase in interest in this program.
"The program was launched recently, and public interest is notably high. We are already seeing numerous applications. Due to the recent improvements, interest has grown considerably. Additionally, the purchasing potential has increased; the previous maximum average loan amount was up to 1 million lei, but it is now approximately 2.5 million lei. Applicants can secure the full amount without needing a specific down payment," explained Daniela Morari.
Furthermore, citizens who already own a property acquired through a loan may purchase a new property, provided that the existing property does not exceed 50 square metres of living space. According to the mortgage centre representative, this space includes only the living rooms and excludes the kitchen, corridor, balcony, and bathroom.
To benefit from the "Prima Casă" program, citizens must follow several essential steps. First, they need to understand the program's conditions. The next step is to select a home.
Once the desired home is chosen, applicants must visit one of the participating banks to obtain a list of required documents for the loan application. After preparing all necessary documents, they must submit both the loan application and the state guarantee application, along with the documents requested by the bank. Applicants are required to make a minimum contribution of 5%, with the exact amount varying by bank.
"Following this, you will need to work with a notary to sign the banking documents and state guarantees. Finalise the sale-purchase contract and then enjoy your new property," noted Daniela Rotaru.
Insufficient income, not meeting the age requirements established by the program, and a negative credit history are the primary reasons some citizens might be excluded from the "Prima Casă Plus" program, according to Daniela Rotaru. Additionally, foreign citizens are ineligible to apply for the program. A minimum salary of 6000 lei is required to obtain a loan, and applicants must be at least 18 years old.
The "Prima Casă" government program was launched in March 2018. To date, over 8,000 individuals have successfully purchased homes totaling 4.5 billion lei. In the past year, the six participating commercial banks provided state-guaranteed loans amounting to 16.4 million lei. During the same period, beneficiaries repaid state-guaranteed loans totaling 167.4 million lei.
Translation by Iurie Tataru
