A view of Rotterdam

Rotterdam with preferential loans for young homebuyers

Rotterdam with preferential loans for young homebuyers

Encouraging them to start living independently

In a continuous effort to ensure affordable housing for its residents, the Municipality of Rotterdam is offering its youngsters the possibility to get preferential housing loans. From 1 August residents between 18 and 35 years old willing to buy their first home can apply to receive a starter loan. The financial instrument aims to bridge the gap between the maximum mortgage and the actual price of their desired home.

Supporting young people to settle down

Young people and people willing to leave social rental establishments in Rotterdam can get significant support for the purchase of their first home, starting from the second half of this year. Loans can reach up to 30,000 euros, for a home with a purchase price up to the National Mortgage Guarantee limit (325,000 euros).

To get the loan, citizens need to first get permission from their municipality and only then apply to the Netherlands Public Housing Stimulation Fund. The system is already operational in other big cities, such as Amsterdam and Utrecht, among others.

The loan is certain to help future homeowners cover the amount requested on top of the mortgage and get the home they wish. Moreover, there will be no interest or repayment for the first three years and no penalties for delayed payments.

To alleviate the issues with the housing market, the Municipality of Rotterdam is also limiting the permits for room rentals in certain neighbourhoods, where private market abuse has led to price increases and overcrowding. Also, starting from September, the city intends to offer rental housing with priority to people with a social profession, such as healthcare staff, teachers and police officers.

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