Flanders offers the Flemish Home Loan to families and individuals with limited incomes, primarily for the purchase of a house or apartment, usually combined with renovation work to make the home more energy efficient.
The home loan has a very low interest rate and also has the advantage that the borrower can borrow up to one hundred percent of the cost price, including notary costs and other bond costs. In recent years, the home loan has been on the rise: the Flemish Housing Fund distributed 3,464 loans in 2020 and 4,353 in 2021. Last year, the number of loans peaked at 4,735.
“This increase is mainly due to the increase in interest on mortgages in the regular market,” said Minister Diabenaele V. de Sondage. In December, the average interest rate was 2.91 percent. This is why the Flemish home loan is becoming more attractive, according to the minister.
A total of €969m was borrowed in 2022. Previously, this amount was also less, for example €807m in 2021. The Flemish Housing Fund expects the increase to continue this year. The available budget has thus been increased to 1.34 billion euros.
The average amount lent was 204,000 euros. Single parent families in particular benefit from the scheme.
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