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Buy a house- buy apartment and Buy a house for the young

SELECT THE LOAN THAT SUITS YOU MOST

With the project "Buy a house, buy apartment" the clients can apply for a subsidized housing loan, until December 31, 2019. These loans can be used to build a house or buying/buying a new apartment.

Promotional period until 31.12.2019

Citizens who wish to apply for subsidized loans must meet the following conditions
The maximum amount of the loan can be up to EUR 100,000.00, the subvention will apply on the amount up to EUR 50,000.
15% - 20% depending on the estimated collateral value
Citizens can apply for one of the following models of subsidies

    BUY AN APPARTMENT

    „Buy an appartment for young” If you are up to 35 years older, choose one of two models for a home loan subsidy:

    Model „INSTALLMENT”
    The government pays 70% of the monthly installment for the first 5 years of the loan repayment.

    Model „PARTICIPATION”
    The government pays 70% of the home loan participation (up to 25% of the loan).

    „Buy an appartment for age above 35 years” If you are above of 35 years of age, choose one of two models for a home loan subsidy:

    Model „INSTALLMENT”
    The government pays 50% of the monthly installment for the first 5 years of the loan repayment. Model „PARTICIPATION”
    The government pays 50% of the home loan participation (up to 25% of the loan).



    BUY/BUILD HOUSE
    „Buy house for young”
    If you are up to 35 years of age, choose one of two models for a home loan subsidy for buying or building a house:


    Model „INSTALLMENT”
    The government pays 60% of the monthly installment for the first 3 years of the loan repayment, 50% for the next 5 years and 40% for the next 3 years of the loan repayment.

    Model „PARTICIPATION”
    The government subsidies the whole participation of the home loan (up to 25% of the loan).

    „Buy a house for age above 35 years”
    If you are above of 35 years of age, choose one of two models for a home loan subsidy for buying or building a house:


    Model „INSTALLMENT”
    The government pays 80% of the monthly installment for the first 5 years of the loan repayment.

    Model „PARTICIPATION”
    The government pays 80% of the home loan participation (up to 25% of the loan).


    EXTEND/UPGRADE

    „Extend/upgrade for young”
    If you are up to 35 years of age, choose one of two models for a home loan subsidy for extending/upgrading a house:


    Model „INSTALLMENT”
    The government pays 50% of the monthly installment for the first 3 years of the loan repayment, 40% for the next 5 years and 30% for the next 3 years of the loan repayment.

    Model „PARTICIPATION”
    The government subsidies the whole participation of the home loan (up to 25% of the loan).

    „Extend/upgrade for age above 35 years” If you are above 35 years of age, choose one of two models for a home loan subsidy for extending/upgrading a house:

    Model „INSTALLMENT”
    The government pays 75% of the monthly installment for the first 5 years of the loan repayment.

    Model „PARTICIPATION”
    The government pays 75% of the home loan participation (up to 25% of the loan).

    Interest rates for model „INSTALLMENT“:”
    2.9% fixed IR for the first 3 years
    3.9% fixed IR for the 4-th and 5-th year
    After the expiration of the 5th year, the bank reserves the right to make interest rate adjustments.

    Currently:
    6.4% (for payroll clients) (6 month ЕURIBOR + 6.4% spread, min. 6.4%)
    7.5% (for non-payroll clients) (6 month ЕURIBOR + 7.5% spread, min. 7.5%)


    Fixed interest rate for the model „PARTICIPATION”
    Fixed IR for the whole time – min. 6 month EURIBOR + 4%.
    The adjustment of the nominal interest rate is made on a six-monthly basis on January 1 and July 1 of each year.
EUR
min 20 years and max. 30 years
  • 0% of the loan amount
  • 0 MKD Evaluator expenses
  • Expenses for mortgage booking and insurable property insurance
  • 400 MKD Application fee - for every received application, regardless the loan approval
  • Other fees according to the tariff
  • 0% if the financing of the loan is from own funds
  • 3% if the financing of the loan is from bank
    According to the CPM and additionally,
  • The client or his partner (spouse) is not using other housing loan at the time of applying for the subsidized loan
  • The client shall provide notarized statement that they will not rent the apartment i.e. house and that will not additionally burden the real estate with mortgage and that will not transfer the ownership to other parties during the first 5 years of the day of disbursing the loan when applying for ”Buy a house, buy an apartment” both models and “Buy a house for the young” model ”Participation”, or during the first 12 years of the day of disbursing the loan when applying for “Buy a house for the young” model ”Installment”.
If necessary - according to CPM
One-shot payment
  • If the borrower ceases to repay the subsidized loan (90 or 180 days), the Bank terminates the contract and the loan will be considered as fully due; therefore the Bank will undertake activities for forced payment of the loan
  • In this case, the Bank is obliged immediately after receiving the full payment (with the forced payment) to transfer the funds to the Ministry of Finance
  • If the Bank and the Ministry of Finance have findings that the funds approved as subsidy are not used in accordance with the stipulated terms and the contract, or if the data upon which the decision was brought are not correct they have the obligation to undertake measures and announce the loan as due hence undertake actions for forced payment 3% prepaid principal penalty fee;
  • If the financing of the loan is from own funds (down payment) the Bank will not charge the client with the 3% penalty fee;
  • If the loan is pre-paid within the first ten years total amount of the subsidy should be returned to the Ministry of Finance, in case of pre-payment after the ten years of the loan disbursement subsidy is irreversible.
  • If the loan is pre-paid within the first ten years for ”Buy a house, buy an apartment” both models and “Buy a house for the young” model ”Participation”, or within the first twelve years for “Buy a house for the young” model ”Installment” the total amount of the subsidy should be returned to the Ministry of Finance, in case of prepayment after the tenth/ twelfth year the subsidy is irreversible.
  • 1st rank mortgage (2nd and 3rd rank mortgages possible only if Silk Road Bank Bank AD Skopje is the sole mortgage trustee) on the real estate property that is bought or other real estate property in ownership of the loan applicant or co-applicant (acceptable categories: residential buildings in urban habitats - flats, houses etc., residential buildings in rural habitats - weekend cottage etc.).
  • Value of the mortgage: - min. 143% from the value of the loan for purchase/building of first habitat, depending on the location and the state of the mortgage and according to the delivered value for assessment of the mortgage performed by authorized evaluator accepted by the Bank;
  • Draft and consent form for draft signed by the loan applicant and co-applicants
  • Administrative ban is anticipated if accepted by all parties (Company - Bank - Loan applicant/co-applicants)
  • Insurance of the collateral property from all risks in favour of the Bank.
  • Insurance of the property until the duration of the loan
Request form for subsudized housing loan

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