The project "Buy a House, Buy a Flat" has started its implementation. After the Ministry of Finance and the banks involved in the project signed Friday agreements, citizens are now able to start submitting documents.

Agreements were signed by Vice PM and Minister of Finance Zoran Stavreski and the directors of eight banks - Stopanska Banka Skopje, NLB Tutunska Banka, Ohridska Banka, Sparkasse bank, TTK bank, Alpha bank, ProCredit bank and Stopanska Banka Bitola.

"Today is a great day for me as a minister, who has signed an essential project. But I feel even better as a human being knowing that the project will directly improve the lives of thousands of citizens in Macedonia," the Minister stated after signing the agreements.

The project, according to him, offers an opportunity for numerous citizens, including newlywed couples or families with low-income having no home of their own, to purchase houses or apartments.

"The project is also intended for construction workers. It is expected to increase the interest of investors in building new apartment buildings. By boosting the offer of flats, conditions will be created for the price of flats to be dropped. By supporting the sector of construction, more jobs will be opened for construction workers," FinMin Stavreski said.

The project enables a credit to be obtained for purchasing an apartment or a house. There are two options. One option, the so called "50/50 installment", offers the government to provide finances for half of the monthly installment of the home loan for five years. The second one - "equal participation" - the state will pay 50% of the credit. Those citizens willing to use the first or second model need to meet several conditions - the credit to be less than 50.000 Euros with a payment deadline of 20 years, their incomes to be less than 900 Euros and the values of the flat or house not to be more than 900 Euros per square meter.

As of this Monday, the Finance Ministry will start informing citizens on the application procedure via the media. Applications can be submitted to the eight banks as of Jan. 25. The first credits are expected to be approved by the end of March 2012.