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 daily Pravda.

Finance Minister Ivan Mikloš considers interest rates to be low enough to withdraw the state support. The government also wants to provide 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. They will attract customers by reducing administration costs.

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