Expert opinion

The state mortgage program “eOselya” can be a powerful incentive for teachers, scientists, and medical workers to work in their profession and vocation, as it provides them with the basis for a comfortable life — their own home. This was stated by Kateryna Lychana, head of the partner relations department at GLOBUS BANK.

 

She reminded that for these categories of citizens, “eOselya” provides the best credit terms: a loan can be obtained for up to 20 years at a rate of 3% for the first 10 years of repayment and 6% for the next 10 years with a down payment of 20% of the cost of housing, and for borrowers under the age of 25 — from 10%.

 One of the conditions for granting a loan is the borrower's solvency, as well as an urgent need for their own housing (or its absence or insufficient living space — less than 52.5 m² + 21 m² for each subsequent family member).

 The banker pointed out that the loan amount depends on the number of family members and the income of the borrower and their family. At the same time, the expert noted that the main issue that primarily concerns teachers and doctors is their low income, which significantly complicates their ability to participate in the state mortgage program.

"The cost of housing is quite high, so it is quite obvious that the income level of privileged categories of citizens, especially young professionals, is insufficient to save money for a large down payment and pay high interest rates. That is why the dream of owning your own home can be realized with the help of the state program “єОселя,” the banker noted.

 She explained that according to the rules of the state mortgage program, a loan is granted if one of the family members — the borrower — is eligible to participate in the program, but to determine the borrower's solvency, the bank may take into account the total income of the entire family.

 Currently, under the “єОселя” program, the average loan amount is UAH 1.65 million, and with this loan amount, the maximum payment in the first month will be only UAH 11,000 — this is a partial repayment of the loan and payment of accrued interest, and the payment will decrease with each month.

 “According to our calculations, if the total monthly income of a family of two is 40,000 UAH and such a family is ready to make a minimum down payment of 20%, then banks accredited by ”єОселя" will not refuse a loan, and the amount provided will be sufficient to purchase a home at a price of UAH 2.1 million," the expert explains.

There is also an additional mechanism—if, for example, the borrower is not married, the parents of the young professional can act as guarantors for the loan.

 “It is no secret that working parents can help a young teacher whose salary does not allow them to take out a mortgage. And the “єОселя” program takes this possibility into account. In such circumstances, the decision to grant a loan is made based on information about the income not only of the borrower, but also of their parents,” emphasizes Kateryna Lychana.

 According to her, depending on the circumstances, accredited banks are most often willing to provide loans of up to UAH 2 million, which, together with the down payment (conditionally 20%), corresponds to the market value of an apartment in a new building with an area of 40 to 50 m².

 “According to the ”єОселя" program, the total area of an apartment for which a loan can be obtained is no more than 52.5 m² of total area and an additional 21 m² for each subsequent family member. However, if the family of a young teacher or doctor has significant savings and wants to buy an apartment for a future large family, this can be done through a larger initial contribution," said the expert.