BUCHAREST, March 21 (Xinhua) -- The Moldova authorities officially launched the First House Program on Wednesday, announcing that people will be able to submit documents at the banks starting next week.
Thus, as of Monday, the potential beneficiaries can apply to the three banks, Moldova Agroindbank, Victoriabank and Moldindconbank, designated by the relevant authorities.
"As this program is implemented through state guarantee, the product becomes more accessible than other home loans," Finance Minister Octavian Armasu told a press conference on the official launch of the program.
Those interested can get a home loan of up to 1 million lei (60,480 U.S. dollars) for a period of up to 25 years, with an advance of 10 percent of the home's value, said the minister, adding that state and notary taxes will be reduced for the applicants.
For 1 million lei, one can purchase an apartment of 100 square meters, under the current price in Moldova's capital city of Chisinau.
According to the program, applicants must be Moldova's citizens under 45 with a stable employment and without owning another home, or having other active home loan, while the purchased home must be finished. And their salaries should be at least the double of the monthly rate.
