Financial Services, Latvia, Legislation, Loan, Real Estate
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Tuesday, 23.04.2024, 11:46
8,400 Latvian families have received state-guaranteed housing loans
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The total amount of the guarantees has reached EUR 58 million, while the total of mortgage loans issued by banks exceed EUR 500 million.
According to Altum, 61% of loans were granted to families with one child, 32% to families with two children, and 7% to families with three or more children. The majority of families (96%) used the loan to purchase housing, while 4% took the loan for construction of their home.
Altum support reduces the necessary downpayment by EUR 6,000-7,000 on average. This helps families to purchase the housing, not having to wait for several years to save up the downpayment.
The state guarantees supplied by Altum are available to families with children or young professionals looking for a mortgage loan to buy their first home.
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