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State cuts mortgage support

MORTGAGES will be more expensive from January 2005 because the state will give up its support for mortgage loan interest rates. State support of mortgages has been an important factor in encouraging the real estate market in Slovakia, according to the Pravda daily.

Finance Minister Ivan Mikloš considers interest rates to be low enough to be able to withdraw the state support. The government also wants to concentrate on providing special financial products to assist the less wealthy in the purchase or construction of their own homes

According to analysts, banks will not be able to drop interest rates to compensate for the withdrawal of state support. However, they will try to attract customers by reducing the administration costs and time needed for setting up mortgage loans.

Compiled by Marta Ďurianová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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