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Safe mortgage 2% – What is the point?

July 10, 2023

Safe mortgage 2%, which is the government’s housing loan subsidy program, which provides for the possibility of financing real estate from the primary or secondary market. The program applies to the purchase of an apartment, a house or a plot of land along with the construction of a house. The new program involves many uncertainties, below are some of them.

Who can apply for the loan?

Mortgage can be obtained by a person up to the age of 45 who does not have and has not had an apartment, house or cooperative right to an apartment or house. In the case of a married couple or parents of at least one common child, the age condition must be met by at least one of them.

What is the maximum value of the loan?

For singles it is PLN 500,000, while for a married couple or parents with a child it is PLN 600,000. The program does not have a price limit per square meter of housing.

What does the surcharge look like?

The home loan installment subsidy is the difference between a fixed rate based on the average interest rate on fixed rate loans, and the interest rate on the loan according to the 2% rate.

The name of the program indicates that it will be a loan with an interest rate of 2%, while the terms indicate that it will be a slightly higher interest rate. By how much higher? That depends on the banks’ current offerings and the terms of the banks’ average periodic fixed interest rate in the previous quarter.

The standard interest rate is the interest rate and the bank’s margin. In the case of a subsidized loan, the interest rate will be based on a periodically fixed interest rate. The fixed interest rate applied during the period of application of the subsidy means that for its duration, the amount of housing loan installments will not change regardless of the direction of changes in inflation and interest rates. The effective interest rate on the loan will therefore be more than 2%.

The subsidy will be available for 10 years.

What is the term of the loan?

The minimum loan period is a minimum of 15 years, while the maximum is 35 years. However, some banks limit the loan period to 30 years.

Will early repayment be possible ?

It will be possible to overpay the loan in part after 3 years without losing the subsidy.

In what situations can we lose the subsidy ?

Sale of the property for which we obtain a subsidy.
Acquisition of a new property by the borrower.
Overpayment of the loan above the agreed value during the first 3 years.
Within 24 months of the transfer of ownership or completion of construction, the borrower has not started running a household in the property.
Change of use of the property.