Over 9,000 new homeowners under this year's First Home Program

In the first five months of 2018 the National Fund for SME Loans (FNGCIMM) has issued approximately 9,400 guarantees and guarantee promises for this year's First Home Program, and another 700 applications for guarantee are under consideration. 

The 1.92 bln lei earmarked for the program early this year have been used to an extent of 49.61 percent, or 954.39 million lei, FNGCIMM said in a Thursday release. 

Compared to 2017, the average guarantee offered for first-time home loans increased 7 percent from 94,000 lei to 101,200 lei, and new homes purchased under the program account for 60 percent. 

"Launched in 2009, the First Home Program can be considered among the most successful government initiatives, with a visible positive impact represented by the improvement of youth living standards - as almost 70 percent of the program beneficiaries are aged 25 to 35, and 12 percent are less than 25 of age - and the support of economic development. For almost ten years now, every day 65 young people or families have moved into their first home. The state guarantee provides security and predictability for the personal budget, so that after having taken the first step towards the acquisition of a home, I invite them to be confident and also let their entrepreneurial spirit show. They can have us at their side right from the moment they set the foundation for a company, with tailored guarantee products and simplified and transparent operational flows," said FNGCIMM general manager Alexandru Petrescu. 

The 2018 First Home Program unfolds via 15 financing banks - Bancpost, BCR, BRD, CEC Bank, Credit Agricole Bank Romania, Garanti Bank, ING Bank, Leumi Bank Romania, Marfin Bank, OTP Bank, Piraeus Bank, Raifeissen Bank, Banca Romanească, Banca Transilvania, Unicredit Bank.