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December 6, 2022

Updated “First Home” program to start after Easter

The updated version of the “First Home” program, in which guarantees for loans destined to purchasing a home are divided between the state and the bank, will start after Easter, the prime-minister Emil Boc, quoted by Mediafax, stated, on Friday. In the next two weeks, the norms for its application will also be adopted.

Boc met, at the Government’s headquarters, the chairman of the National Credit Guarantee Fund, to evaluate bids made by the banks after the Cabinet’s decision to divide guarantees corresponding to loans destined to purchase a home through the “First Home” program.

At the end of the meeting, the premier stated that, according to unofficial data, at least two or three banks agreed to the new terms of the “First Home” program, but added a final option would be delineated as of next week, after the ordinance to modify the program would be published in the Official Monitor.

“After Easter, those interested in the program can visit the banks to discuss the modified form. No client who already signed a contract will be affected by cost- or instalment-modifications,” Boc stated, arguing that the state would be able to grant new loans for another 40,000 families. He gave renewed assurances that the maximum threshold of interest would not be modified. In turn, the chair of the National Credit Guarantee Fund for Small and Medium-Sized Enterprises, Aurel Saramet, argued that, after guarantees are divided between the state and bank, new guarantees amounting to EUR 900 M – 1.1 bln could be issued, in case some banks might not agree to this option.

“In theory, another EUR 1.5 bln can be made available, but there is a possibility that some banks might not agree and, in this case, only EUR 1-1.2 bln could be granted. In my personal opinion, without relying on any statistics, an amount between EUR 900 and 1.1 bln will certainly be made available,” Saramet argued.

Saramet stated, on the same occasion, that, based on unofficial figures, the banks’ offers cover a minimum of 60 pc of the total limit of guarantees for loans in the “First Home” program, after the decision to slice by half the state guarantee. He argued that, out of total guarantees of EUR 200 M for this year, only EUR 40-50 M had not been covered yet, so that the entire amount would be exhausted in the next eight to 10 days.

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