Cabinet to support mortgages

THE CABINET plans to subsidize mortgage interest rates as of January next year for people up to 35 years of age, whether single, married, or with or without children.

Successful subsidy applicants will have incomes of less than 1.3 times the average monthly wage, according to Vladimír Dvoøáèek, head of the financial market department at the Finance Ministry.

With the average monthly salary now estimated at Sk18,600, the proposed subsidy threshold would therefore be slightly above Sk24,000. The Finance Ministry has not specified the level of the subsidy.

Subsidies for mortgage interest rates were introduced by the previous government in order to support mortgage lending and the residential real estate market. However, under former Finance Minister Ivan Mikloš, the ministry cancelled the policy in 2005 in light of tumbling interest rates.

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