President signs first home-buyer scheme, business compensation

The Polish president on Wednesday signed into law a subsidised mortgage scheme aimed to help people under 45 to buy their first homes, the Presidential Office has reported.

The new laws foresee state-subsidised housing loans with a fixed 2-percent interest rate.

Eligible for the programme will be home-buyers under 45 who have never owned a flat or other residential property.

The loan amount will not exceed PLN 500,000 (EUR 111,500) with a PLN 600,000 (EUR 134,000) option for married couples and those who have at least one child.

State subsidies for the loans will extend over a period of 10 years.

The act also endorses compensation payments for businesses which suffered losses due to the closure of some border crossings.

The legislation is to come into force on July 1.