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Economy
22 August 2017, 16:41

Belarusian banks ready to heavily subsidize home construction

MINSK, 22 August (BelTA) – Belarusian state-run banks are ready to allocate Br250 million for building homes for people on the housing register using state support, BelTA learned from Prime Minister of Belarus Andrei Kobyakov after the head of state hosted a government conference on the development of the national economy on 22 August.

The prime minister reminded that in July the Belarus president signed decree No.240 on state support for housing construction. The document introduces a new kind of state support for people on the housing register — individualized state subsidies. The subsidies will cover some of the interest rate on housing construction loans that citizens can take from any commercial bank. The state subsidies can also cover part of the principal debt on such loans for large families, young families, and orphans.

Andrei Kobyakov said that after the decree was signed in July, the central government did some work and now Belarusbank and Belagroprombank are ready to allocate Br250 million in credit resources for building homes for people on the housing register using state support.

Bearing it in mind, there are plans to build at least 500,000m2 of housing with state support in Belarus in 2017. The figure was close to 300,000m2 initially. At least 3.5 million m2 of housing will be built all over the country. As much as 2.1 million m2 was built in H1 2017.

Andrei Kobyakov remarked that it is also important that citizens manage to build homes on general terms by applying for loans to various banks. “These loans are getting more and more affordable,” said Andrei Kobyakov.

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