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Better conditions for home ownership for families
The federal government wants to help young families buy real estate or build a new property. Because funding flowed slowly, there are now better conditions.
The federal government wants to provide even more support to families with small and medium incomes in building a house or buying an apartment. As the Ministry of Construction announced, better interest conditions will apply in two funding programs from October 23rd. In addition, renovation requirements are reduced.
The funding conditions of the “Young Buys Old” and “Home Ownership for Families” programs would be significantly improved, explained Building Minister Verena Hubertz (SPD). “So that more families can realize their dream of owning their own home. Home ownership is not a luxury, but an investment in security, independence and quality of life.”
The required renovation was a deterrent
Many families have previously hesitated because they did not dare to undertake the renovation required by the “Young Buys Old” program. In order to lower the inhibition threshold, renovations only have to be carried out to the minimum energy level of an efficient house with standard 85 EE in the first four and a half years after purchase. “So you not only save money, but also time and effort,” said Hubertz. The better interest rates should also encourage young families to take the step of owning their own home.
The “Home Ownership for Families” program promotes the construction and initial purchase of new, climate-friendly and energy-efficient apartments and houses through low-interest loans. It is aimed at families with small and medium incomes.
The “Young Buys Old” program promotes the purchase of owner-occupied older houses or apartments with poor energy efficiency. The prerequisite is that they be renovated within four and a half years.
The new conditions for both programs can be applied for from tomorrow (Thursday) through your house bank at KfW.
dpa
Source: Stern
