home loans

The Romanian state guarantee system for the “First Home” program will be simplified so that the procedures can only be unrolled through the SMEs National Guarantee Fund and the Finance Ministry, Prime Minister Emil Boc said Wednesday.

The Romanian Government received answers from 16 banks that want to join the “First Home” program, which is due to start by early July, Prime Minister Emil Boc said Tuesday.

Romanian notaries will cut by 30% the duties perceived for contracts for sale and purchase and for authenticate mortgages in the case of individuals who buy dwellings through the “First Home” program, the National Union of Public Notaries UNNPR said Thursday.

Romanians who will buy a dwelling through the “First Home” loan guarantee program will pay a reduced value added tax, of 5%, and the program will be operational as of July, the government said Thursday.

Romania’s Government extended object of activity for the National Fund Guaranteeing Loans of Small- and Medium-Sized Enterprises’ by emergency ordinance, so that it may also guarantee mortgage loans for the “First Home” project, Prime Minister Emil Boc said Wednesday.

Romania's central bank should amend household lending norms to restart financing on this market segment, also bearing in mind also the government’s "First Home" program, Radu Ghetea, the president of Romanian Banks Association ARB, said Tuesday.