The size of preferential housing construction loans in Belarus has been increased to 100%

March 3, Minsk /BELTA/. The maximum amount of preferential loans for the construction (reconstruction) of residential buildings has been increased to 100% of the cost of the standard preferential loanable area of a residential premises of standard consumer qualities for all citizens. This provision is contained in the Decree of the President of Belarus of March 1, No. 120, which introduces additions and amendments to the Decree of April 14, 2000, No. 185, BELTA was informed by the press service of the head of state. This document provides for a reduction in the financial burden on citizens improving their housing conditions with the use of preferential loans, as well as the improvement of the preferential lending system for housing construction. In order to reduce the amount of own funds of citizens directed to the construction (reconstruction) or acquisition of housing, the decree provides for an increase in the maximum amount of preferential loans granted for the construction (reconstruction) of residential buildings commissioned with full finishing, in the amount of 100% of the cost of the standard preferential loanable area of a residential premises of standard consumer qualities for all citizens (with the exception of large families receiving a preferential loan in the amount of 95% and a one-time subsidy in the amount of 5% of the cost of the standard preferential loanable area of a residential premises of standard consumer qualities). The maximum amount of preferential loans granted for the purchase of housing (except for housing built specifically for sale) has been increased: - for large families improving their housing conditions by purchasing housing – 100% of the maximum loan amount allocated for housing construction (previously 90%); - for citizens improving their housing conditions by purchasing housing – 90% of the maximum loan amount allocated for housing construction (previously 70%). The provisions of this norm apply to newly concluded loan agreements, to agreements under which loans have not been issued, as well as to loan agreements under which citizens have been granted preferential loans for the construction (reconstruction) of residential premises in residential buildings not commissioned before March 1, 2010. In order to ensure the accessibility of preferential loans for citizens living and working in settlements with a population of up to 20 thousand people, a reduction in the fee for the use of preferential loans from 3% to 1% per annum is provided. The provisions of this norm will apply to newly concluded loan agreements, to agreements under which loans have not been issued, as well as to loan agreements under which citizens have been granted preferential loans for the construction (reconstruction) of residential premises in residential buildings not commissioned before March 1, 2010. In addition, an amendment has been made that allows large families carrying out the construction of residential premises in settlements with a population of up to 20 thousand people to receive preferential loans for the construction of outbuildings (in the amount of up to 20% of the construction cost of the standard preferential loanable area). The decree has been supplemented with a provision granting the right to jointly use a one-time subsidy and a preferential loan by citizens whose families include children with disabilities and disabled persons of group I and II since childhood. The decree enters into force on March 1, 2010. The Council of Ministers is instructed to ensure that regulatory legal acts are brought into compliance with this decree within two months. -0-