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Mortgage state bonus: How the young can cut their living costs |
Bratislava, 17.04.2017 |
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Banks granted more mortgages in 2016, including mortgages with bonus for young home-buyers.
A glossary of words as well as exercise related to this article are also published online.
When young adults attempt to fly the nest, they usually find that the price of living is several times higher than what they can really afford. For most people, mortgages - and thus payments for decades - are a necessity to start living on his or her own.
“The real estate boom has had an impact on the age group to 35,” said spokesperson of Tatra bank Zuzana Povodová, as quoted by the TASR newswire. Over the past year, the number of young claimants grew by 16 percent, compared to the previous season, she added. The biggest interest in mortgages is in the Bratislava region, mainly in the capital itself, according to bank information.
Last year in 2016, the Slovenská Sporiteľňa Bank granted more loans to people under 35 last than in 2015 by a fifth .
At the VÚB bank, 17 percent of all the granted mortgages came with the state bonus, according to Angelika Farkašová, the head of the loan product department of VÚB.
Mortgage bonus
The state bonus is part of the so-called “mortgage for the youth”. It is available to clients aged 18 to 35 and it stands for 3 percent of the interest rate, but to a maximum €50,000. That means that the interest rate of the bank-approved mortgage will be lowered by 3 percent, but only in the first five years of repayment.
The Finance Ministry last year noted 71,602 contracts concerning mortgages with a claim to the state bonus for youth. The cost for the bonus of young mortgage recipients was almost €30 million last year
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