Apartment for young people – a loan the easiest way to have your own

Regardless of whether you dream of a private apartment or building a house, we must take into account the large expenses for this type of investment. Savings can of course be very helpful but not sufficient. Especially for young people, buying your own “four corners” is extremely difficult. However, there is no situation without a solution, because we can still use the government program called “Apartment for the young.” It is a great help, coming in to sow, among others: subsidies to own contribution, for people of a certain age.

To receive financial support from the state, certain formalities must be met.

To receive financial support from the state, certain formalities must be met.

The most important here is the fact that we have never had and do not currently own a flat. Due to the fact that the program is targeted at people of a certain age, co-financing applies only to people under the age of 35. If the spouses apply for support, then the year of birth of the younger is decisive. So, if a man has long since passed the threshold of 40 years, and a woman is 34 years old, the program is most relevant to this particular marriage.

How does this funding look in practice?

How does this funding look in practice?

Well, everyone who is entitled to money from the program and submits an appropriate application can count on co-financing calculated on the basis of a special conversion factor in which location aspects are taken into account. In addition, the state financially supports young people in the purchase of the first dwelling, if they plan to buy an apartment with an area not exceeding 75 m2, or a single-family house, which area is less than 100 m 2. Accordingly, these values ​​are increased by 10 m2, when the buyer is a parent with at least 3 children.

The aid program covers all borrowers who have entered into a commitment for a period of not less than 15 years, however it must cover at least half of the purchase costs. Individual surcharges relate to such aspects as: flat area – subsidy up to 50 m2, less than the total area of ​​the premises purchased, co-financing of own contribution in the amount of 10% of its value, intended for childless marriages, as well as single persons, 15% financial support for parents, at least one child. In addition, persons whose life appears within 3 years of buying a flat, 3 children (biological or adopted) will receive additional funds for early loan repayment, in the amount of 5%. Of course, the given indicators may differ slightly in individual parts of the country as well as in different banking institutions. The program is expected to run until 2018, so it is likely that many people will benefit from it. Of course, it should be remembered that in order to apply for financial assistance, you cannot be the owner of an apartment when applying for a loan or before that fact.

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