The Government of Ukraine plans to make significant changes to the “eOsel” affordable housing program. Credit funds received under this program can be used only for the purchase of apartments in new buildings.
About this stated First Deputy Prime Minister-Minister of Economy Yuliya Svyridenko during question time to the government in the Verkhovna Rada.
Purpose of change
- The government aims to direct investments in new residential construction, which should have a positive impact on the country’s economy.
- The “eOselya” program remains an important tool for providing citizens with affordable housing, but with a focus on the primary market.
Until now, the program allowed buying housing both on the primary and secondary markets. After the changes, credit funds can be used only for the purchase of apartments in new buildings.
Thus, the government aims to achieve two goals: to provide citizens with the opportunity to purchase their own housing on favorable credit terms and to direct investments into new residential construction.
“We have to reformat the program: not to extend the age of housing in the secondary market, but to focus on the primary market”, – said Sviridenko.
Who can use the program
The YeOsel program is available to a wide range of citizens, including doctors, teachers, law enforcement officers, combatants, veterans, and internally displaced persons (IDPs).
Lending conditions
- Loan at 3% per annum
- The maximum loan repayment period is 20 years
- Initial payment in the amount of 20% of the total cost.
The government hopes that this step will stimulate the construction industry in Ukraine, which, in turn, will lead to increased tax revenues from the construction sector and the preservation of jobs in this industry.
