Financial Services, Latvia, Legislation, Loan, Real Estate, Society

The additional allocation will keep the support program running until the end of this year.

“The housing guarantee program has been in high demand already from day one – since the program’s launch in 2014 Altum has granted 6,063 guarantees worth nearly EUR 41 million. The additional financing that has been approved today will allow around 1,530 more families with children to buy housing with the government’s support. People’s interest in the program is not decreasing, so the government has to find a solution for continuing the program,” said Economics Minister Arvils Aseradens (Unity).

In order to help families with children make down payment when buying an apartment or starting construction of a house, the Cabinet of Minister in 2014 approved a support program under which Altum grants and manages housing loan guarantees. The size of the loan guarantee depends of the number of children in the family.

Seven commercial banks – Citadele, SEB Banka, Swedbank, Nordea Banka, DNB Banka, ABLV Bank and Baltikums Banka/Blue Orange – grant mortgage loans to families with children under the government support program.