My home: The “window” for buying new homes is closed and renting is prohibited

Regarding the implementation of the “Bayti” housing program, DYPA reports that from April 3 to July 19:

• A total of 38,558 applications were submitted, of which 30,756 have already been evaluated, i.e. 8 out of 10 (80%).

• Of the 30,756 applications evaluated, 21,132 received pre-approval, nearly 7 out of 10 (69%), while the rest were rejected because they did not meet the requirements.

• Out of 21,132 pre-approvals, 4,644 loans have already been approved, more than 1 in 5 (22%), where a property has been found and a legal and technical audit has begun, with an average approval amount of around €104,900.

It should be noted that through the “Spiti mou” program, young people or young couples between the ages of 25 and 39 can acquire a home with a monthly installment much lower than that of market mortgage loans, where 75% of the principal is granted interest-free by DYPA, while for those with three and many children (and those who have this status), the loan is interest-free in its entirety.

changes to standards

In order to meet the income criterion, it will no longer be required to declare an income of €10,000, but the assumed income can also be factored into the account. For example, a young person who has earned an income of €5,000 from work and a hypothetical income of €5,000 from renting a house or owning a car can participate in the programme.

As for the age of the property, it was initially stated that it should be at least 15 years, but with the proposed new regulation, it was clarified that 15 years is counted from the time of issuance of the license and not from the time of completion of construction.

The statement of reasons reads as follows:

It is expressly stated that the minimum income, which has been established as the eligibility criterion for a prospective borrower, is taken into account regardless of the source of income and that said income may be real and/or assumed. The aim of this regulation is to clarify the source of origin and the nature of the minimum income set by it

Law.

Not in rent

The resolution states that during the life of the loan, the property being acquired is not permitted to be leased, unless DYPA.A. Or the competent committee formed to coordinate the implementation and achievement of the program objectives.

In this way an express prohibition is now made which actually flows from the purpose of the granting of the loan, which lies in the acquisition of the first house by the beneficiaries, so that there is no room for doubt as to the exact subject.