The forms of state support
* interest of 3-6%* reimbursed for housing mortgage granted before or on 31 December 2002;
• from 1 January 2003 to 1 May 2006, an income tax exemption is applicable: a possibility to recover up to 33% of interest paid for a housing mortgage;
• from 1 May 2006 to 1 January 2008, an income tax exemption is applicable: a possibility to recover up to 27% of interest paid for a housing mortgage;
•from 1 January 2008, an income tax exemption is applicable: a possibility to recover up to 24% of interest paid for a housing mortgage;
* housing mortgage subsidies (10 or 20% of a housing mortgage);
A right to a subsidy of 20% granted to:
adult orphans younger than 35 years;
disabled of the I or II category;
families with disabled of the I or II category or a disabled child;
A right to a subsidy of 10% granted to:
young families with one or more children (foster children);
families with three or more children (foster children);
families with one of parents dead 10% of insurance fee paid.
| The Insurance of residential property credit |
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REQUIREMENTS FOR HOUSING MORTGAGE RECIPIENTS AND THEIR INCOME
* at least 18 years old;
* a citizen of the Republic of Lithuania or a citizen of a foreign country who has a valid Residence Permit of the Republic of Lithuania issued by the Migration Service of the Republic of Lithuania;
* monthly amount of housing mortgage payments together with interest and other financial liabilities cannot exceed 50% of the insurer household’s monthly income (this limitation is not applicable if at least LTL 1,000 or EUR 290 remain for each member);
* household members must have regular income;
* during repayment of the mortgage, a certain amount of funds for subsistence set by the Company must remain for each household member.
REQUIREMENTS ON PURPOSE OF HOUSING MORTGAGE
* to procure housing;
* to construct housing;
* to reconstruct housing;
* to repair housing;
* to procure a land plot and to construct housing; and
* to pay the insurance fee for a housing mortgage.
REQUIREMENTS ON MEASURES TO GUARANTEE LIABILITIES
* the procured and mortgaged housing must be in the territory of Lithuania;
* the housing must be mortgaged on behalf of the bank as a primary mortgage;
* the mortgaged housing (except for a land plot) must be insured for the term of insurance contract on behalf of the bank for at least the amount of the outstanding mortgage;
* insurer’s life insurance or insurance against accidents is not required.
* Insurance fee calculated from the insurance amount;
* Insurance fee rates depend only on the amount of initial contribution;
* Insurance fee is onetime;
* Insurance fee is paid in litas.
The company cooperates with all banks which are registered in the Republic of Lithuania in the established manner and which offer long-term housing mortgages:
• DnB NORD bankas AB
• „Hansabankas“ AB bank
• Medicinos bankas UAB
• Nordea Bank Finland Plc Lithuanian Branch
• PAREX bankas AB
• Danske Bank A/S Lithuania Branch
• SEB bankas AB
• „Snoras“ AB bank
• Šiaulių bankas AB
• Ūkio bankas AB
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