The proposal was adopted by the government on Tuesday, Polish state news agency PAP reported.
Announcing the plan, called First Home, Prime Minister Mateusz Morawiecki said: “This is a new programme that has been specially designed, and adopted by the Cabinet today, to ensure that there are as many homes as possible in Poland, and that people can afford them.”
'It's a real help for people’
Morawiecki told a news conference: “This new programme is a new beginning, another scheme for those who want to have a home and have the creditworthiness to buy it.”
He said: “It’s a real help for people, a systemic solution based on giving people access to a safe and stable source of financing, and on giving them an opportunity to save money for years and receive a bonus from the state for saving money for a home.”
The government is planning to allocate some PLN 16 billion (EUR 3.4 million) for the First Home programme over the next decade, according to officials, the inwestycje.pl website reported.
The initiative was first outlined in December.
Subsidised mortgages
Under the First Home programme, the government will subsidise mortgages for a period of 10 years to keep the interest rate at 2 percent for the mortgage payer.
This form of assistance will be available for people up to 45 years of age, who don’t own, and have never owned, a home.
For married couples, at least one of them will have to meet the age criterion, officials said.
The maximum amount of the subsidised mortgage is PLN 500,000 (EUR 107,000) for singles and PLN 600,000 (EUR 128,000) for married couples or parents.
The government will subsidise the mortgage for 10 years, which means the first 120 mortgage payments.
The subsidised mortgages will be available until 2027, although the programme can be prolonged.
Thanks to the effort, more families will be able to obtain a mortgage, as their creditworthiness will improve, officials told reporters.
Morawiecki said on Tuesday: “For a PLN 320,000 (EUR 68,130), 25-year mortgage, the monthly payment is PLN 3,322 (EUR 707). Thanks to the government subsidy, the payment will be PLN 1,825 (EUR 388.50), which means around PLN 1,500 (EUR 319) less every month.”
Special savings accounts
Under the First Home programme, citizens will be entitled to set up a special savings account at a commercial bank to save for their first home, officials said.
This form of assistance will be available to everyone above the age of 13 who does not own, and has never owned, a flat or a house, or who lives in their own home with at least two own children, or children in their care.
Those who make payments of between PLN 500 (EUR 106) and PLN 2,000 (EUR 426) into the savings account at least 11 times a year for a period of between three and 10 years, and then spend the accumulated sum on buying a home within the next five years, will be eligible for a bonus from the state, calculated on the basis of the inflation rate during the savings period, reporters were told.
The bonus will be in addition to the normal commercial interest on the savings account, according to officials.
(pm/gs)
Source: PAP, inwestycje.pl