EIKA is currently reducing the uncertainty prevailing in the real estate market by using a financial security program, which includes two new offers for customers:“Housing loan solvency guarantee” – EIKA will pay loan installments and interest for a defined period for the client if he loses his job; “Guarantee of changed conditions” – the possibility to terminate the preliminary purchase and sale agreement after three months without any sanctions.
EIKA’s financial security program was created in response to the uncertainty caused by the COVID-19 pandemic, which includes people’s incomes, jobs, personal and global economic prospects. “We understand that purchasing a home is one of the largest financial commitments. We want the pandemic not to ruin potential clients’ plans to create a new home and we feel a duty to ensure that they remain financially secure, so we want to create financial tools for sustainable cooperation and buyers’ peace of mind in the future,” says EIKA Development Manager Martynas Žibūda.
According to the data from a survey conducted by EIKA in April, the market stagnation is mainly determined by circumstances unrelated to potential buyers – uncertainty caused by the quarantine, changed financing conditions, and decreased income.
According to M. Žibūda, when assessing the situation, we offer two products to our potential clients – “Housing Loan Solvency Guarantee” and “Changed Conditions Guarantee”, which best meet the above-mentioned circumstances. The first product “Housing Loan Solvency Guarantee” ensures that if the client loses their job within a year of purchasing an EIKA home, EIKA will pay the loan installments to the bank and interest for as long as 6 months until the client finds a job. The guarantee applies to apartments in built houses purchased under a notarial agreement. The maximum amount of the payment covered per month is from 300 to 500 EUR, depending on the value of the property being purchased. In the event of a payment, Eika will also cover the personal income tax for its clients.
Another product – “Guarantee of changed conditions” ensures the possibility of terminating the preliminary housing purchase and sale agreement and recovering the entire deposit paid within 3 months from the date of conclusion of the agreement. The buyer will be able to exercise this right for a period of 3 months without any additional conditions and will recover the entire deposit paid for the agreement. It will be applied to apartments purchased in houses that have not yet been built, at least 3 months before the notarial contract. The deposit for the preliminary purchase and sale agreement is 2000 euros.
“We understand that the COVID-19 pandemic has caused a lot of uncertainty: regarding the stability of income, bank financing conditions, and the economic situation in Lithuania and the world, so we are looking for solutions that would give customers greater freedom of action and help them feel more financially secure,” says an EIKA representative.
Both offers are valid for new agreements. More information here.