eOselya рrogramme: interest rate for housing purchase will be reduced for young people (video)

12 August 2024 17:53

As early as autumn 2024, the government programme eOselya will reduce the down payment to 10% for young people under 25 to be granted a loan to buy their own home. This was reported by "Komersant Ukrainian" citing a speech by President of Ukraine Volodymyr Zelenskyy at the Ukrainian Youth Forum “Free to Dream”.

“Today we already have government programmes that are working and will work even more actively in the interests of young people. In particular, the existing state programme “eOselya” will provide for a down payment reduction of up to 10 per cent for young Ukrainians under the age of 25,” Zelenskyy said.

The Head of State added that this mortgage programme provides for 3 per cent per annum for the military, doctors, teachers, law enforcement officers and 7 per cent per annum for other categories.

What is known about the eOselya programme

The new housing lending programme “eOselya has simplified terms and conditions and an interest rate of 3% for privileged categories and 7% for others.

Ukrainians can take out a preferential mortgage with a 3% interest rate:

not younger than 18 years and not older than 70 years as of the maturity date;
belonging to one of the privileged categories: military personnel, law enforcement officers, teachers, doctors, educators and scientists and their family members;
from 1 August, also detectives and senior detectives of the National Anti-Corruption Bureau, rank-and-file and senior staff of the State Bureau of Investigation, detectives and senior staff of the Bureau of Economic Security and their family members;
do not own housing; or have housing of less than 52.5 m² 21 m² for each additional family member; or own housing located in the area of hostilities or in the temporarily occupied territory;
do not participate in other existing state housing programmes;
are solvent;
are not on the sanctions lists.

According to the government’s decision of 4 July 2023, military and security personnel who were injured in combat and received disability groups I-II and lost their positions retain the right to a 3% discounted mortgage.

Concessional mortgage with a 7% interest rate

Starting from 1 August, several more categories of Ukrainians will be able to apply for a preferential mortgage – but at 7%. The basic conditions (age, solvency, etc.) are the same as for the privileged, but the categories are as follows

war veterans and their families;
participants in hostilities;
persons with disabilities caused by war;
families of deceased war veterans, as well as families of deceased defenders of Ukraine;
other citizens of Ukraine who do not own their own housing or own less than 52.5 sq m for a family of one person and an additional 21 sq m for each additional family member (housing in the temporarily occupied territories is not taken into account).