A huge interest among buyers in the real estate market of Poland caused the program «Loan at 2% for the first home». According to various data, since July 2023, the banks have approved about 17,500 thousand applications for this loan. More than 63,600 applications were submitted. What will happen to the housing subsidy program in the near future?

«About 3000 loan applications per week»

Let us recall, in Poland on July 1, 2023, the program «Loan at 2% for the first home», which implies the provision of state subsidies for the purchase of the first apartment, began to work. Of course, such state aid caused a real stir in the Polish real estate market, which in turn led to an even faster rise in prices for apartments and houses.

According to various data, by September about 63,600 applications for participation in the program had been submitted to the banks. By that time, the banks had entered into 17,548 loan agreements. In just 3 months of the program, the banks signed loan agreements worth about 6.9 billion zlotys. The average loan amount per application is PLN 395.1 thousand.

In so doing, Minister Valdemar Buda assured that the program is not threatened, and if necessary, the grant fund will be increased:

— After three months we can say with confidence that the program "First Apartment" was successful, as the latest statistics show. None of the housing programs launched since 1989 have yielded such tangible results in such a short period of time as is necessary for even the most sceptical. This program is the perfect fit for society's housing needs.

Interest has now stabilized at about 3,000 loan applications per week. We as well as the Bank Gospodarstwa Krajowego are keeping up with the situation. If necessary, we will increase the fund from which subsidies will be implemented in the coming years, — Minister Buda added.

Real estate prices have doubled in 10 years. Analysis and trends of the Polish real estate market. Analytics from REALTING

Where can I get a loan for the first home at 2%?

Currently, 12 banks offer a 2% safe loan: Alior Bank, Bank BPS and Cooperative Banks BPS, Bank Ochrony Środowiska, Bank PEKAO, Cooperative Bank of Crafts in Krakow, Cooperative Bank in Brodonica, Krakow Cooperative Bank, mBank, PKO Bank Polski, SGB-Bank and Cooperative Banks SGB-Bank, VeloBank and Wschodni Spółdzielczy in Helm. The Ministry reported that another bank is ready to join the program in the fourth quarter of this year.

Remember, that a safe loan at 2% can be used to buy housing in Poland on both primary and secondary markets. The maximum amount of credit is PLN 500,000 for one claimant and PLN 600,000 for a household managed by the spouses or if there is at least one child in the household.

The second option for State assistance under this program is the housing account. It is paid according to the principle offered by the bank, as well as the ordinary savings account. However, unlike a regular account, profits are exempt from tax. This means that the applicant does not have to pay 19% of the capital gains tax. «Housing account» is intended for those who plan to buy an apartment in the next few years. The minimum monthly fee is PLN 500 (PLN 6,000 per year) and the maximum is PLN 2,000 (PLN 24,000 per year).

Currently, the "Housing Account" is offered by three banks (Alior Bank, Bank PEKAO and PKO Bank Polski), and three more banks are in the process of negotiation. To date, 3,113 housing accounts have been created, on which more than 10 million zlotys have been saved.

Details of participation in the program are in the article «Safe loan for the first home under 2%».