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When the National Bank (NBS) took measures in August to allow banks to approve mortgage loans to buy an apartment in the so-called gray construction, experts had only words of praise for it. Said purchase of properties in new construction, they explained, stimulates the construction industry and thus mitigates the fall in economic activity. In addition, it allows buyers to buy a cheaper property, because they practically finance the investor. Until then, banks approved housing loans, provided the facility’s construction grade was above 80 percent.
How long has this measure been in effect? In Komercijalna banka, for example, they still do not give housing loans if the construction level is below 80 percent, in Erste banka they say that even before the aforementioned decision they approved housing loans when the construction level is lower, and In Vojvodjanska banka such a loan is possible Get only if you put a mortgage on another property.
– For years, Erste Bank clients have been able to purchase real estate through home loans whose construction has not been completed, that is, the degree of construction of which is 80 percent, as assessed by a certified appraiser. In addition, we have allowed clients to finance the purchase of homes whose construction percentage is even lower, within the project to finance the construction of residential properties. In other words, the bank has been cooperating with investors from all over Serbia for several years with the aim of financing the construction of new apartments, so that our clients can buy an apartment and mortgage it within a certain project financing if the degree of construction is at less than 40 percent, they say at this bank.
They add that financing new apartment projects brings additional benefits to clients: they do not have to collect the necessary documentation because it is already in the bank, they can see in advance how the installation will look when it is built, and in case they buy the first apartment, have the possibility of tax refund. of added value. Due to all the mentioned benefits, the interest of clients in the purchase of real estate under construction within the financing of apartment projects is significant.
In the previous period, Vojvodjanska banka did not notice any significant interest from clients in housing loans for real estate in the gray phase of construction.
– The Bank approves housing loans to its clients in accordance with its credit policy and other internal acts, respecting of course all the regulations and positive laws applicable in our country. According to our regulations, the purchase of real estate with a completion degree of less than 80 percent is acceptable only if the bank’s mortgage is recorded on other real property, provided that the proposed mortgage meets the prescribed eligibility criteria for the security instruments, they inform this bank.
When the NBS introduced the benefits for taking home loans in unfinished buildings in August, it also stated that it was temporary, because it will be valid until the end of 2021. By facilitating the population’s access to housing loans, they explained in their At the moment, the construction industry is also supported as the engine of economic activity through a faster turnover of financial resources and the maintenance of growth in that economic branch.
The subject of housing loans through the recently adopted preferential treatment, in addition to fully built apartments, can be residential real estate – facilities under construction, regardless of the degree of completion, whether it is a bank financing project, where the Serbian Construction Directorate is a construction permit or within the state support measures to certain categories of natural persons.
They can also be facilities under construction, with a minimum of 60 percent completion grade if it is a financing project from another bank or a project from an investing legal entity. Instead of the usual minimum construction level of 80%, the purchase of which could be financed with housing loans from banks, this measure incentivized banks to approve housing loans without waiting for the housing installation under construction to be fully completed or to its greatest extent. At the same time, the criteria that the financing itself must meet, that is, the investor and the facility under construction, in order to apply this treatment are clearly defined. In order to provide funds for these purposes, it is envisaged that banks may use part of the funds in the form of capital, that is, certain protective layers of capital that they otherwise allocate, to finance this form of loan.
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