Starting from Thursday, July 27th, ALTUM begins offering loans to apartment owners in multi-apartment buildings for the purchase of certain expropriated land or for the payment of the expropriation price.
The purpose of the loan is to facilitate financial accessibility for those multi-apartment building owners (apartment owners) who want to use the mechanism established in the Law on Termination of Compulsory Shared Ownership in Privatized Houses, to terminate the forced shared ownership with the landowner or owners, but who do not have their own financial resources available for the payment of part of the expropriation price. Funding will be granted under the existing ALTUM support program for repairs of multi-apartment buildings and landscaping work, helping residents address a situation that has been relevant for several years, thereby terminating the compulsory shared ownership with the landowner. Henceforth, apartment owners will acquire rights to expropriate the land and will be able to buy the land under their building. Loans for the termination of shared ownership will be granted starting from ten thousand euros with a repayment period of up to 20 years.
The interest rate of the loan is fixed at 5.9% per annum or variable - 1.82% and the State Treasury loan to state-owned enterprises variable rate, which is determined when granting the loan, and the interest rate variable part - six-month EURIBOR. To inform residents about the process of terminating the forced shared ownership, the conditions for the decision-making of apartment owners, and also the conditions of the ALTUM loan, an informative seminar will be held on August 23rd of this year. We invite you to follow the current information on the ALTUM website. Details about the program's conditions can also be found in the Cabinet of Ministers' regulations of July 6, 2021, No. 481 "Support program conditions for construction works in multi-apartment buildings, their territory improvement, and the purchase of designated expropriable lands for multi-apartment buildings".
The information was translated using the ChatGPT service.