Financial Services, Latvia, Legislation, Loan, Real Estate

Photo: seb.lv

Both loans were granted to families with two children - one purchasing an apartment in Liepaja, while the other in Jurmala.

The bank's board member Ieva Tetere said that the bank will be able to grant at least another 10 such mortgage loans with state-guarantees in the near future.

She added that there is much interest for these mortgage loans, as over 100 clients have requested consultations with the bank regarding the loan project.

As reported, SEB banka and Latvian development financial institution ALTUM have signed an agreement on bank's participation in the state support program for home purchase for families with children, which is coordinated by ALTUM. Accordingly, starting from March 11, families with children have an opportunity to receive mortgages with more accessible conditions for the first down-payment.

The main purpose of the state support program is to reduce the required amount of first down-payment in purchasing a family home. Families with one child can receive a state guarantee on 10 percent of the mortgage sum (up to EUR 10 000). Families with two children can receive a state guarantee on 15 percent of the mortgage (up to EUR 15 000) and state guarantee on 20 percent (up to EUR 20 000) is available for families with three or more children.