Local lender Banca Romaneasca, part of the Bank of Greece National Group, has set a EUR 13.9 million limit for the state-backed First House lending program by the end of 2015.

This means that the bank could grant loans worth EUR 27.8 million, reports local Mediafax.

In 2014, the average loan amounted to some EUR 35,000, bank representatives said. Most people requested loans for two and three-room apartments in big cities.

The bank grants a maximum of  EUR 57,000 for completed homes and EUR 66,500 for new housing projects.

The total state guarantee ceiling for the First House mortgage lending program is of RON 2.5 billion (EUR 556.35 million) for this year.

editor@romania-insider.com