Local lender Banca Comerciala Romana (BCR) has granted about 5,400 mortgage loans as part of the First House program so far, with a total value of EUR 200 million on this program, according to the bank. BCR entered the program on June 6 this year. So far, BCR granted 20,000 loans in total in the four stages of the First House program in Romania, with a total amount of EUR 800 million.

The average value of a loan in the fourth stage of the program is EUR 38,500, down from the First House 1 program when the average value was EUR 41,200. Around 45 percent of the people who received mortgage loans are married, most of them aged between 25 to 34 years, according to BCR.

Romania’s government-backed program “First house” (Prima casa) was released in summer 2009. In March this year, the Romanian Government decided to also include people who already own a house of maximum ​​50 sqm. According to the Prime Minister Emil Boc, the program will also continue in 2012.

Irina Popescu, irina.popescu@romania-insider.com