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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF MOLDOVA

of July 27, 2022 No. 564

About approval of the Regulations on procedure for provision of compensations for the purpose of compensation of increase in loan interest rate, partially guaranteed state provided within the state program "First house"

Based on part (5) article 7 of the Law No. 293/2017 on some measures for implementation of the state program "First house" (The official monitor of the Republic of Moldova, 2018, Art. No. 18-26, 95), with subsequent changes, DECIDES: the Government

1. Approve Regulations on procedure for provision of compensations for the purpose of compensation of increase in loan interest rate, partially guaranteed state provided within the state program "First house".

2. Compensations are provided to persons who for June 30, 2022 have the status of the beneficiary of the state program "First house", for the period July-December, 2022.

3. To perform transfer of compensation for July, 2022 in August, 2022, after entry into force of this resolution.

4. To impose control of execution of this resolution on the Ministry of Finance.

5. This resolution becomes effective from the date of publication in the Official monitor of the Republic of Moldova.

Prime Minister

Natalya Gavrilitsa

Countersigns:

Minister of Finance

 

Dmitry Budiyanski

 

Approved by the Order of the Government of the Republic of Moldova of July 27, 2022 No. 564

Regulations on procedure for provision of compensations for the purpose of compensation of increase in loan interest rate, partially guaranteed state provided within the state program "First house"

I. General provisions

1. This Provision is developed for the purpose of establishment of the mechanism of compensation of increase in interest rate for mortgage loans within the state program "First house" (further - the Program) for beneficiaries since July 1, 2022.

2. In this Provision the following concepts are used:

the beneficiary of compensation - the beneficiary of the Program, according to provisions of the Law No. 293/2017 on some measures for implementation of the state program "First house" which signed the credit agreement within the Program till June 30, 2022;

compensation - form of the monetary assistance provided by the Ministry of Finance to beneficiaries of compensation for decrease in burden which partially compensates monthly interest payment on mortgage loan;

the creditor (financing bank) - the bank having the license of National Bank of Moldova, allowed to participation in the Program according to provisions of the Law No. 293/2017 on some measures for implementation of the state program "First house".

II. Procedure for determination of the amount of compensation

3. Compensation is provided for partial covering of expenses which are incurred by the beneficiary in case of payment of monthly percent on mortgage within the Program after sharp increase in interest rate.

4. The compensation amount, provided from the government budget to the beneficiary, is calculated at the rate to 50 percent from the amount of increase in the interest rate estimated from remaining balance on the credit.

5. Compensation is provided monthly during the period from July to December, 2022. In case of early repayment of mortgage loan transfer of compensation stops since the month following after month in which the last fee was paid.

6. The monthly compensation amount is calculated by the following formula:

РИС 564-22

where:

C - the amount of monthly compensation expressed in lei;

Sr - remaining balance on mortgage loan for the end of month;

% i - 50% of difference between the interest rate established for the period from January 1, 2022 to June 30, 2022 and the interest rate established for the period from July 1, 2022 to December 31, 2022;

Na - the number of days in calendar year (365 days / 366 days);

nl - the number of days in month for which compensation is charged.

7. No later than the 7th day of every month the creditor provides in the Organization for development of entrepreneurship information for the last month on remaining balance on the mortgage loans issued till June 30, 2022, separately on each beneficiary according to the form provided in appendix.

8. The organization for development of entrepreneurship within 3 working days checks the acquired information and sends it to the Ministry of Finance for transfer of compensations.

9. The report on remaining balance on mortgage loans for the last month which is necessary for calculation and financing of compensation the number of beneficiaries and the detailed information on each beneficiary is constituted according to appendix and it is represented monthly in electronic format (Excel and pdf) in the Organization for development of entrepreneurship. The version is certified of the PDF format by the qualified digital signature of person responsible for its creation, or the authorized person.

III. Provision of monthly compensations

10. Transfer of compensation is performed by the Ministry of Finance monthly, within August-December, directly into the account used by the beneficiary in credit institution for the calculations connected with mortgage loan.

11. The creditor will not be able to include in the report specified in Item 9, the credits on which overdue current payments for the term of more than 60 days in a row, or the credit qualified as hopeless according to regulations of the Order of the Government No. 202/2018 on approval of the Provision on implementation of the state program "First house" are fixed.

IV. Final provisions

12. Creditors bear responsibility for reliability and correctness of information about beneficiaries, for calculation of remaining balance for mortgage loan, and also for deduction of the amount of this compensation from the total amount of monthly payment which shall pay the beneficiary.

13. The organization for development of entrepreneurship bears responsibility for correctness and reliability of information about the beneficiaries included in information sent to the Ministry of Finance.

14. Control of proper execution of this provision is exercised Financial inspection under the Ministry of Finance and other authorized bodies, according to the legislation.

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