Banks are again accepting applications for mortgages through the"First Home" scheme after the SME Loan Guarantee Fund (FNGCIMM),managing the state guarantees within the scheme, has distributedthe total cap of 200m euros available for this year. The total capwas portioned on the basis of previous results and of projectionspresented for this year.
The total guarantee cap has been dramatically reduced against 2010since the number of applications for these loans graduallydiminished in the second half of last year.
Demand slid after products with lower interest rates emerged on themarket and as the process of approving the state-guaranteed loansis not a smooth one. The main advantage, though, is the downpayment of just 5% of the loan value, compared with the 30-40% onein the case of a standard mortgage loan.
Banks participating in the scheme in most of the cases maintainedthe same level of interests as last year. There are situations,though, where bankers are trying to bolster demand by slashinginterest rates.
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