The Macedonian parliament is considering a new housing project for young, first-time buyers. The proposal was introduced by Nikola Gruevski, leader of the VMRO-DPMNE ruling party. the parliament recently approved changes to the law on subsidized housing credit lines, helping pave the way for the new program, which provides financial assistance for purchasing, building or expanding a house.
Approved applicants will be able to choose between receiving a 80-percent subsidy on their monthly mortgage payments for the first eight years or a 50-percent subsidy for three years. The maximum credit line is capped at €50,000 on a minimum 20-year loan. Applicants can also choose to receive a down payment of up to €12,500 on a €50,000 loan.
Applicants need to be younger than 35 years of age, with a monthly income of less than €900 for individuals or €1,300 for a family.
