You are looking for a new home, in a less crowded area of the city, close to the center, well connected to the public transport network and you recently found out about Aqua City. Studios, 2 and 3 room apartments, detached , with a space larger than the average of the new apartments in the capital, with a certificate of energy performance and various facilities , overlooking Lake Morii or common areas, green - apply for the title of "apartment ideal". But it remains the subject of funding - how, how much, where, when.
There are three ways to finance your purchase of a new apartment - your own sources, your mortgage, and the New Home government program. Today we will go into details regarding the third variant. We want you to find out everything about the New House, but also about our project !
What is the New House program?
Noua Casa is a new version of the well-known Prima Casa program. One of the most important changes to the program is that it is aimed at all those who want a new home, not just young people. The New House loan is granted in lei and the interest rate is variable, calculated according to the Reference Index for consumer loans (IRCC).
What you need to know about the New Home program
In order to apply for this program, you must meet a number of conditions. In the following we will detail the most important aspects!
Home must be new
An important aspect of the program is that it facilitates the acquisition of recent constructions:
- a) new homes, completed no more than 5 years before the date of applying for the guaranteed loan;
- b) consolidated dwellings no later than 5 years before the date of applying for the guaranteed loan;
- c) other categories of dwellings for which the construction or consolidation was completed more than 5 years before the date of applying for the guaranteed loan.
In the case of Aqua City, the first building in the residential complex is completed and the sale-purchase contracts are being signed.
The second building has a completion deadline of January 2023 with the possibility of moving until the summer of the same year.
Credit ceiling increased
The maximum value of the loan that you can access through this program reaches 119,000 euros for homes whose price is a maximum of 140,000 euros, in this case the required advance being 15%. For homes whose price does not exceed 70,000 euros, the maximum value of the loan that can be accessed is 66,500 euros, the requested advance being only 5%.
The good news is that the 46 square meters of Aqua City studios built, start at 60,000 euros (+ 5% VAT) and fall to an advance of 5%.
The 3-room apartments, with a built-up space of 95.4 sq m, start at 130,000 euros (+ 5% VAT), so they are also included in the New House with an advance of 15%.
The 2-room apartments start from 89,000 euros (+ 5% VAT) and the price varies depending on the number of square meters, the number of balconies, positioning. All 2-room apartments require a 15% deposit.
The program also allows the purchase of homes whose price exceeds the thresholds of 70,000 / 140,000 euros provided you pay the difference from your own sources.
State guarantee
The state guarantee for this project varies depending on the type and value of the loan, as follows:
- 60% for new homes whose price does not exceed 140,000 euros, the advance requested in this case being 15%;
- 50% for new homes whose price does not exceed 70,000 euros, the advance requested in this case being 5%
- 50% for old homes up to 70,000 euros, the advance requested in this case being 5%.
Eligibility conditions are more accessible
Probably the most important condition of eligibility refers to the real estate properties of the beneficiary. You are eligible for this program if you do not own a home yet, but also if you own one that has less than 50 sqm, but which was not purchased through the Prima Casa program. You must give a statement on your own responsibility in this regard. These are the conditions for the New House.
There are also restrictions
The program mentions that, once you buy the apartment, you will not be able to sell it in the next 5 years, except in the following situations:
- If the loan is repaid in full;
- If the loan is taken over by an eligible person within the New House program.
But with Lake Morii close by, with a supermarket within the complex, with a functional SPA center (jacuzzi, hammam, fitness room, physiotherapy) and two swimming pools (one semi-Olympic, indoor, and one for children), with lots of green space and tap water, the reasons to change the complex are hard to find.
How to Get a New Home Loan
Once you have chosen the ideal home, you need to find a bank that runs the New Home program and meet the eligibility requirements of the bank from which you apply for the loan: these should be available on the website of each partner bank.
How Much Does a New Home in Aqua City Cost You
We did a New House lending simulation, and the numbers look like this:
Studio apartment - 41.38 sqm built, value 60,000 euros (+ 5% VAT)
Price: 315,000 RON
Credit: 299 250 RON
5% advance: RON 15,750
Monthly rate: RON 1,388
Period: 360 months
See details about the studio apartments in the Aqua City residential complex
2-room apartment - 65.88 sqm built, value 89,000 euros (+ 5% VAT)
Price: 467 250 RON
Credit: 397 163 RON
Advance 15%: RON 70,087
Monthly rate: RON 1,842
Period: 360 months
See details about the new 2-room apartments in the Aqua City residential complex
3-room apartment - 96.18 sqm built, value 130,000 (+ 5% VAT)
Price: RON 682,500
Credit: 580 125 RON
Advance 15%: 102,375 RON
Monthly rate: RON 2,690
Period: 360 months
See details about the new 3-room apartments in the Aqua City residential complex
* For all the simulations I used a BNR course of 1 EUR = 5.00 RON
We invite you to the Gallery section, to see what your new Aqua City house will look like or in our Showroom in Rocilor Street 12-16 in the Crangasi - Giulesti area. And, of course, we are at your disposal with other simulations for the desired apartment or with comparisons between the New House loan versus the real estate loan.
Notes:
This article was written with the help of information from https://www.bancatransilvania.ro and https://www.fngcimm.ro/
The simulations belong to us.