About the Housing Guarantee Programme
A guarantee for a bank loan for purchase or construction of the housing for the families with children with regular income but not enough savings to make the first payment.
The guarantee is granted to families with children (up to 23 years of age included), if the transaction amount for purchase and/or construction and repairs costs of the housing does not exceed EUR 300,000
Guarantee term is 10 years
If the property is located in Riga, Pieriga, Jurmala:
- Amount of guarantee is 5% up to 10% from the principal amount of the loan, and not exceeding EUR 10,000, if there is one child in the family
- Amount of guarantee is from 5 up to 15% from the principal amount of the loan, and not exceeding EUR 15,000, if there are two children in the family
- Amount of guarantee is from 5 up to 20% from the principal amount of the loan, and not exceeding EUR 20,000, if there are three children in the family
- Amount of guarantee is from 5 up to 30% from the principal amount of the loan, and not exceeding EUR 30,000, if there are four or more children in the family
Outside Riga, Pieriga (Marupe, Olaine, Kekava, Salaspils, Ropazi, Adazi municipalities), Jurmala:
- 5% - 30% of the principal of the loan and not more than EUR 30,000 if there is 1 child in the family (or the first child is expected)
- 5% - 40% of the principal of the loan and not more than EUR 40,000 if there are 2 children in the family (or at least 1 child and another one is expected)
- 5% - 50% of the principal of the loan and not more than EUR 50,000 if there are 3 children in the family (or at least 2 children and another one is expected)
If the bank has issued one loan both for purchase of the housing and the repairs, guarantee shall be applicable to both purposes
The aim of the guarantee is to provide state aid for purchase or construction of the housing for families with children, thus decreasing the amount of the first payment required for receipt of the mortgage loan
Programme is regulated by Cabinet Regulations No. 95 of 20.02.2018. “Regulations on State Aid for Purchase or Construction of Living Quarters”.