Called First Home, the initiative was unveiled by Development and Technology Minister Waldemar Buda on Friday, Polish state news agency PAP reported.
Buda told a news conference in Warsaw: “We are introducing a comprehensive programme that will enable participants to buy a home within the next year. But also for those who are not yet ready or who are not yet planning to buy a home, the programme will help them do so within a few years.”
He added: “The First Home scheme comprises two policies: a low-interest, 2-percent mortgage and a savings account to save money for a home.”
Subsidised mortgages
Buda announced the government would subsidise mortgages for a period of 10 years to keep the interest rate at 2 percent for the mortgage payer.
Moreover, there will be no limit to the size of the home that can be bought with the subsidised mortgage, reporters were told.
Meanwhile, mortgages available under the First Home programme will be worth up to PLN 500,000 (EUR 106,000) for one-person households and up to PLN 600,000 (EUR 128,000) for parents, married couples and single parents, according to officials.
Special savings accounts
Under the First Home programme, people up to 45 years of age will also be entitled to set up a special savings account at a commercial bank to save for their first home, officials said.
Those who make payments of between PLN 500 (EUR 106) and PLN 2,000 (EUR 430) 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 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.
While the 2-percent mortgage will only be available to first-time buyers, the savings account is also intended for parents with many children who own small dwellings, officials said.
(pm/gs)
Source: PAP, infor.pl