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Due to the implications of COVID-19 on the property sector, the Central Bank eased some of the proposed rules for the foreseeable future for those wanting to purchase a second property. These are, in short:
- The minimum amount for down payments will be retained at 15% of the purchase price up to July 2021: earlier this was proposed to increase to 25% from the 1st of July this year.
- The repayment burden threshold for borrowers was set at 40% of an applicant’s monthly income and this will be eased for six months on condition that a borrower can prove that surpassing this limit is temporary. As it is one of the primary conditions for the approval of the granting of a loan by lenders/banks, this is completely at the discretion of the said lender or bank.
Frank Salt Real Estate welcomes this move, as second home buyers are an important part of the overall property market and creating positive opportunities to invest in the economy is precisely what is needed right now.
To read the official directive by the Central Bank, click or download the PDF here.
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