The Executive Yuan passed a preferential youth home loan program on Thursday to provide additional support to potential homebuyers. Premier Chen Chien-Jen (陳建仁) requested that the finance ministry promote the preferential youth home loan program to implement everyone’s right to housing.
Executive Yuan spokesperson Lin Tzu-lun (林子倫) said the finance ministry refined four major areas of the program. The four main benefits include an increase to the maximum loan amount from NT$8 million (US$258,000) to NT$10 million (US$323,000). The loan period will be extended from 30 to 40 years, and government and state-run banks will subsidize 0.375% of the loan interest rate. The grace period for repayment has also been extended from three years to five years. The program is expected to be implemented from August 1 with the interest subsidy lasting for three years until July 31, 2026.
Lin called on the finance ministry and the interior ministry to plan and promote the program as soon as possible to assist more people to buy homes and start a family. He said that the public’s right to housing should be realized.