The First House Project was officially launched today. Starting Monday, young people will be able to submit documents at the banks. According to Minister of Finance, Octavian Armaşu, those who wish to purchase a house have to pay in advance only 10% of the total price of the house. Moreover, state and notary taxes were reduced for them.

Octavian Armaşu even offered an example. According to him, a family that has a monthly income of 8 000 lei, can afford to purchase a house sold for 25 000 euro.

"Let us say that my family has a monthly income of 8 000 lei, here I speak of the husband, wife and even parents. If all of them have a monthly income of 8 000 lei, then with the interest rate, that is of 9.03% at the moment, over 25 years or 300 months, the maximum loan the family can take is of 475 000 lei, or the cost of the house of 528 000 lei" Minister Octavian Armaşu explained.

Mortgage loans will be available at three banks: Moldindconbank, VictoriaBank and Moldova Agroindbank. People can also gain more information about the program by calling on 022 60 65, or from the program's official web page: primacasa.gov.md. 

Only people under 45, with an official employment and that don't own real estate, or other mortgage loans are eligible to apply for the First House project. Their salaries have to be at least the double of the monthly rate, while the state will pay 50% of the mortgage. In 2018, state budget will offer for this project 50 million lei.

The program will be implemented through Organization for Small and Medium Enterprises Sector Development.