The State Mortgage Institution (SMI) has allocated over 100 million UAH for refinancing of mortgage loans since early 2013. Some 457 Ukrainian families have taken advantage of the State Mortgage Program, which envisions compensation of interest on housing loan.

During the last week only (Oct. 7–11), SMI refinanced 22 loans granted to citizens towards purchase of housing. 4.5 million UAH was allocated for this purpose, the Information-analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

More than 8,000 families have purchased new apartments using the preferential mortgage loans under SMI standards, note the experts.

Except for compensation of mortgage interest, Ukraine has another program for cheaper purchase of housing «70/30». According to the program, 70% of the price is paid by the buyer, and remaining 30% is compensated by the state.

Experts say the Cheaper Mortgage Program «Affordable Housing», which envisions 13% compensation for loan interest rates, has 300 million UAH in the 2013 budget.

During 2012 the long-term preferential loans for young families and government support for construction of affordable housing were used by 2,857 families, which is up by 2.3 times from 2011.

The Ministry of Regional Development, Construction, and Housing-Communal Services in 2013 is expecting 6,700 mortgage contracts in the framework of Cheaper Mortgage Program (at 3%). The Economic revitalization program 2013–2014 envisages involvement of government guarantees towards receiving 5.4 billion UAH for implementation of the following programs: 
«Construction of Affordable Housing (30/70)», « Lending for Young», «Own House», cheaper preferential mortgage loans, provision of housing for disabled veterans and privileged citizens, and lease with option to purchase.

Experts say SMI and the National Bank of Ukraine (NBU) have developed a draft program, which will help Ukrainian citizens rent housing with option to purchase at 3% per annum. The rest of loan interest is compensated by the state.

The program makes loans available for up to 15 years in UAH, at 16% per annum max. 

In this case, the borrower pays 3% on the loan and 13% difference is compensated by the state.
SMI experts say the program is primarily oriented on public sector, i. e., doctors, teachers, and other social groups, as their income does not allow for the purchase of individual housing under classic loan mechanism.


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