Holidays are coming to an end and the government’s program for borrowers ‘Rodzina na Swoim’ in its current form is similar. Therefore, people interested in an additional loan must hurry, because this is the last moment to apply for a loan under this program before the changes.
Until the new regulations enter into force, i.e. 30 August, you can still apply for loans with co-financing under the old rules.
The government program for mortgage subsidies
At the end of August, the government program for mortgage subsidies will become effective in a new, changed form. Under the law, new regulations will enter into force within fourteen days of the publication of the law introducing changes to the rules for granting loans with interest subsidies.
This means that until the new regulations become effective, all persons wishing to obtain a loan with an additional payment may still apply to the bank for a loan in the “Rodzina na Swoim” program on the old, more favorable terms.
If we want to take advantage of the higher limit of the price of real estate, we only have a dozen or so days left to find a flat or house and submit a loan application, and we have until August 29.
If, at that time, we are able to submit the necessary documents to the bank, then the application will still be considered according to the current rules, because in accordance with the provisions of the Act, for applications submitted before the entry into force of the new regulations, the provisions in the wording currently in force shall apply.
A few quick steps to credit in the “old” family on your own
Currently, couples and single parents can apply for a loan with subsidies. To get a loan with an additional payment, it is enough to meet several conditions imposed by the legislator. The most important criterion is the size of the property, which we can buy on the primary or secondary market. The flat bought here cannot be larger than 75 square meters – we will receive an additional payment of up to 50 sq m.
For a house, its maximum size is 140 sq m. – we will receive an additional payment up to 70 sq m. In addition to the size of the property, its price is also important. For each location – a province – it must fit within a certain limit. Once these conditions are met, you can submit a loan application and all documents. It is necessary to attach documents confirming the income, as well as a set of documents related to the property, including the preliminary contract.
If, in the bank’s assessment, we have creditworthiness and the property meets the program requirements, then it will be possible to sign a loan agreement. If we are granted a loan, our bank will inform Bank Gospodarstwa Krajowego, which implements the RnS program on behalf of the state and pays a loan installment monthly for eight years.
The table below presents the amount of the installment paid and subsidies received depending on the type and size of the purchased property
Assumptions: loan in installments of 300,000 for 30 years; interest rate 6.20%; BGK interest rate for calculating additional payments 6.43%
After receiving the additional payment, the loan installment will amount to PLN 1840. The benefits of the “Rodzina Na Swoim” program are significant, so you should consider using interest subsidies.
How will the family change?
Unfortunately, if we do not manage to apply for a loan under the old rules of the “Rodzina na Swoim” program by the end of August, then there will be some tightening after that date, which may limit the attractiveness of the loan with a surcharge.
First of all, the maximum price per square meter of real estate purchased on the secondary market has been reduced by over 42 percent compared to current levels. Also for new real estate from the primary market the price limit has been reduced by 28 percent.
Unfortunately, in many places finding a property that meets the price criterion will be virtually impossible. In addition, it will not be possible to purchase another property during the period of receiving additional payments – the exception is the situation of inheritance.