Podgorica, (MINA-BUSINESS) – Erste Bank has reduced interest rates by 0.5 to 1.5 percent on new housing loans for young couples buying their first home in a campaign that will last until the end of the year.

“The loan with a combined interest rate involves a lower fixed interest rate during the first five years of repayment and a transition to a variable interest rate after that period,” Erste Bank stated, adding that the repayment period was up to 30 years.

Erste Bank has also prepared loans with a fixed interest rate for young couples for a period of up to ten years.

According to Director of the Retail Banking Sector at Erste Bank Relja Djurovic, buying a home is one of the biggest life challenges for young people.

“Our goal is to enable young married, unmarried, and same-sex couples to meet their vital needs with lower financial burden and under more favorable conditions than usual, so instead of paying monthly rent, they pay installments for their own homes,” Djurovic said.

Housing loans under preferential conditions are intended for clients who are in marital, unmarried, or registered partnerships, whose members are up to 37 years old, Montenegrin citizens, and residents.

The maximum loan amount is €400,000, with a down payment of ten percent, a repayment term of up to 30 years, and there are loan processing fees.