Eased Entry Requirements
In an effort to address the challenges posed by high interest rates on home loans, the REEQUILIBRAR Program has recently eased its entry requirements on the interest rate burden at 25%. It was thus lowered by 5% from initially 30%.
Example: a family earning 1000 Euro a month has to pay back 250 Euro (25%) a month as a mortgage to their bank, can from now on qualify for the REEQUILIBRAR program.
Pioneering Support for Families
The REEQUILIBRAR Program stands out as a pioneering initiative in the country. The program provides non-refundable support to families grappling with challenges arising from the impact of escalating interest rates on their home loans.
This support plays a pivotal role in the overarching public policy of the XIV Regional Government of Madeira, that considers housing as a fundamental aspect.
Adapting to Economic Conditions
The decision to modify the REEQUILIBRAR program is directly influenced by the persistently high key interest rates set by the European Central Bank (ECB). The current 12 months Euribor Rate is set at 3.7%
This has a direct bearing on housing credit rates, prompting the need for adjustments to extend support to more families facing financial difficulties in meeting their housing loan obligations.
From Idealista.pt
Care for a share?
Comments