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According to a press release issued by Eika in April, the market stagnation is mainly due to circumstances not related to potential buyers: quarantine uncertainty, changing financing conditions and lower income.
In response to the uncertainty caused by the COVID-19 pandemic, which includes people’s incomes, jobs, personal and global economic prospects, Eika has developed a financial security program.
“We understand that buying a home is one of the biggest financial obligations. We want the pandemic to not destroy potential clients’ plans to build new homes and we feel compelled to ensure that they remain financially secure, therefore we want to create financial tools for sustainable cooperation and peace of mind for future customers, “says Martynas Žibūda, EIKA Development Manager.
As a result, the company announces that it will offer two new products: the “Mortgage Loan Solvency Guarantee” and the “Modified Conditions Guarantee”.
The first product, the Mortgage Loan Solvency Guarantee, guarantees that if a client loses his job within one year of purchasing Eika’s house, Eika will pay the loan installments to the bank and interest for 6 months until the client find a job. The warranty applies to apartments in built houses, which are purchased under a notarized contract. The maximum amount that can be covered per month is between 300 and 500 euros, depending on the value of the assets to be acquired. In the case of the benefit, the personal income tax will also be covered.
Another product, the “Modified Conditions Guarantee”, guarantees the possibility of rescinding the preliminary home purchase agreement and recovering the full security deposit within 3 months after the agreement is concluded. The buyer may exercise this right for a period of 3 months without additional conditions and will recover the full amount of the contractual guarantee paid. It will apply to apartments purchased in houses not yet built at least 3 months before the notarial contract. The guarantee of the preliminary sale contract is 2000 euros.
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