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26 December 2011

Belarus to toughen requirements for subsidized housing loans

MINSK, 26 December (BelTA) – Tougher requirements for getting a subsidized housing loan will be introduced in Belarus, Chairperson of the Board of the National Bank Nadezhda Yermakova told the Kontury program on the ONT TV channel, BelTA has learnt. She noted that subsidized housing loans will not be abolished, but the eligibility criteria will be revised. “Belarus will toughen up eligibility requirements and reduce the amount of a loan that will make (next year – BelTA’s note) about Br7 trillion,” Nadezhda Yermakova said. In her words, this year the subsidized loans for housing construction will remain in place. “All concluded loan agreements will be executed by banks; all due loans will be extended,” she said. A reminder, 4.2 million square meters of housing will be built in Belarus in 2012, 2.3 million square meters of it will be subsidized by the government. One square meter of housing subsidized by the government will cost approximately Br3.6 million. Housing subsidies will be provided mainly to vulnerable groups of population (families with many children, low-income households and those who have been in the list for better housing for a long time). New requirements for getting subsidized housing loans will be formalized in the near future by a presidential decree. The decree has been drafted and is now studied by the presidential administration.