Olena Dmitriieva, the First Deputy Chairperson of the Management Board of GLOBUS BANK, outlined 5 key changes in the “yeOselya” program that came into effect on August 16, 2024. Among the main changes are:
Relaxed conditions for young people under the age of 25: the down payment for the loan has been halved from 20% to 10%.
“eVidnovlennia” certificates, which compensate citizens for damages to destroyed and damaged property, can now be used as a down payment for a mortgage loan under the “yeOselya” program.
The program's eligibility for internally displaced persons (IDPs) is now extended to their immediate family members of the first degree of kinship.
A candidate for the program may potentially obtain a loan if they have not transferred ownership of any property in the 12 months prior to applying for the loan. The total area of this property, along with the living space owned by the family, must not exceed 52.5 m² for a single-person household, with an additional 21 m² per family member. Residential properties that have been significantly damaged or destroyed due to military actions or are located in temporarily occupied territories are not included.
Changes in mortgage interest rates: the general rate of 7% will apply for the first 10 years, after which it increases to 10%. A 3% rate for certain categories of citizens (such as military personnel, teachers, and medical workers) will apply for the first 10 years, and then it will increase to 6%.
“The terms for citizens to participate in the 'yeOselya' program have significantly expanded, particularly regarding the reduction of the down payment for young people and the inclusion of immediate relatives of internally displaced persons. However, given the economic circumstances (including rising inflation), the interest rate burden may theoretically increase, which could incentivize borrowers to repay their loans ahead of schedule,” emphasized Olena Dmitriieva.
