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Slovenian finance ministry proposes state guarantees on mortgages worth €500M

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Slovenian finance ministry proposes state guarantees on mortgages worth €500M

Slovenia's finance ministry drafted legislation proposing to offer state guarantees on mortgages totaling up to €500 million, with maturities of up to 30 years, Reuters reported Dec. 12.

The guarantees will apply on loans made to young families or people up to 40 years of age and will be offered on mortgages valued at up to €200 million per year in 2020 and 2021, while the remaining amount will be offered until 2030-end, the newswire reported.

The law intends to help people who can no longer easily avail mortgages due to new restrictions around consumer loans imposed in November that stipulate a borrower's debt cost should be less than 67% of their net income, the report said, adding that politicians, including Prime Minister Marjan Sarec, have been critical of the central bank's limits.

State Secretary Alojz Stana told reporters the government is expected to pass the law in February 2020, after which it will go to the Parliament for final approval. Stana added that the state guarantees will help banks offer lower interest rates on their loans and added that the government expects the central bank to reconsider the loan restrictions once the new law takes effect, according to the newswire.