Kerkrade extends and increases starter loan to give starter more chances to own home
The municipality of Kerkrade has again decided to extend the starter housing scheme and increase the maximum purchase price. With this scheme, the municipality is committed to providing starters with more opportunities to buy their own home in Kerkrade.
The starter scheme, or starter loan, is an additional loan on top of a regular mortgage loan to enable the purchase of a first home. The loans have a 30-year term, with no interest and repayment for the first three years.
Kerkrade has been participating in the Province of Limburg's "Starters: a home of your own!" scheme since 2008. The counter of the number of loans granted stood at 198 at the end of 2021.
Due to the increase in the price of houses, the City Council decided to increase the maximum purchase price of the house to be bought from € 190,000 to € 245,000 (including improvement and additional costs).
Alderman Tim Weijers (Housing/Housing): "We notice that, partly due to the sharp increase in house prices, there is increasing demand for a starters' loan. As a municipality, we would like to continue to offer starters who want to settle in Kerkrade that opportunity. Increasing the maximum purchase price creates a wider range of homes for sale from which they can choose."
Requirements
There are some Requirements associated with the scheme. For example, applicants must not have previously owned their own home. The Stimuleringsfonds Volkshuisvesting Nederland handles the assessment and processing of the loans for the participating municipalities. The maximum loan per application in Kerkrade is €49,000, 75% of which is borne by the province. The starters' loan is taken out under National Mortgage Guarantee.
More information can be found on the Starter Loan page on this website.
