Right: MMR is preparing loans for young people for the modernization of apartments

    PRAGUE - The Minister for Regional Development, Radko Martínek, is preparing a new form of assistance for young people according to today's Právo. It involves a favorable loan of up to one hundred thousand for those wanting to modernize their apartment or house; loans are expected to be available from January next year, the newspaper reports.
    "The proposal for the government regulation has gone into interdepartmental comment procedure," quotes the spokesperson of MMR, Radka Burketová. The loan for modernization is expected to have a two percent interest rate and a repayment period of up to ten years. The monthly installment for a loan of one hundred thousand would amount to about 920 crowns, writes Právo.
    According to the newspaper, the loan can be used for construction modifications as well as for repairs of facades and internal plastering, wall coverings, flooring and tiling, repairs of internal installations, replacement and repairs of doors, windows, roofs, heating repairs, replacement of kitchen units and bathtubs, for connecting the house to public utilities, and so on.
    The loan will be available to owners or co-owners of apartments in a residential building, family houses, or apartments, as well as tenants of apartments who are partners in a legal entity that owns the property. These are most often members of a cooperative that purchased the building from the municipality as part of privatization. The young people must not be older than 35. In the case of married couples, both partners must meet the condition.
    The loan will be provided by the State Housing Development Fund. It will be available to young couples with or without children and to individuals not living in a marriage who care for at least one child. The loan amount is not yet final and may increase slightly, writes today's Právo.