The state mortgage program ‘eOselya’ offers favorable loan conditions for certain categories of citizens, including teachers, scientists, medical workers, and military personnel. It provides access to some of the lowest market rates and simplified requirements for the down payment.
This is reported by Finway
Main Loan Conditions under the ‘eOselya’ Program
Program participants can obtain a mortgage loan for up to 20 years with an interest rate of 3% per annum for the first 10 years, after which the rate increases to 6% for the next 10 years. The down payment for most borrowers is at least 20% of the property value, while for citizens under 25 years old, it starts from 10%.
To receive the loan, the borrower must confirm their creditworthiness and demonstrate an urgent need for their own housing. Such cases include the absence of housing or living in a dwelling with an area of less than 52.5 m² plus 21 m² for each additional family member.
Details on Loan Amount Calculation and Accessibility Issues
The loan amount depends on the number of family members and the total family income. The bank considers not only the borrower’s earnings but also those of other household members to determine the financial capability to service the loan.
“The cost of housing is quite high, so it is evident that the income level of privileged categories of citizens, especially among young professionals, is insufficient to save for a large down payment and pay a high interest rate. This is why achieving the dream of owning a home is possible through the state program ‘eOselya’,” noted the banker.
Experts emphasize that the main problem for many participants remains the low income level, particularly among teachers and medical workers, which complicates participation in the program even with favorable rates.
According to the head of the relevant committee of the Verkhovna Rada, Danilo Hetmantsev, the program shows good results, but its funding significantly lags behind actual demand. He believes it is necessary to redistribute funds from less effective initiatives and eliminate discriminatory norms, such as the increased rates for military personnel who have been discharged. The politician also suggests expanding the program’s coverage to include mobilized individuals.