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PROJECT "1000 HOUSING CREDITS” BULLETIN OF THE MINISTRY OF FINANCE/JANUARY-MARCH 2006 PROJECT „1000 HOUSING CREDITS” Project "1000 Housing Credits" was worked out by the Ministry of Finance and Commission for Housing Issues in consultation with Montenegrin banks, in order to accomodate a great number of requests on the basis of unresolved, i.e. inadequately resolved housing issues of the Montenegrin citizens, especially citizens employed in the public administration. Namely, market interest rates and personal income amount for the greatest number of citizens represent a limitation to apply for a housing credit in a bank according to bank's standard terms. In that sense, the Ministry of Finance considered it appropriate to work out a project, in consultation with other banks, in order to support as many citizens as possible to use housing credits, which will be repayable from regular income within longer repayment periods and with "low" interest rates. Longer repayment periods and "low" interest rate implied possibility of "subsidizing" interest rates. Thereby, we proceeded from parameters such as: average annual anuity, average public administration income and average income in the Republic, in general, average price of monthly rent, average price of a housing space square meter etc. It was considered necessary to create conditions to provide for average monthly anuity in line with average flat rent costs, i.e. maximum halfincome of a Montenegrin household. Communication of the Ministry of Finance with the Montenegrin banks was done through several direct meetings, which resulted in formulation of concrete offers. Contract between the Government of the Republic of Montenegro and representatives of Crnogorska komercijalna banka, Podgoricka - Societe Generale Bank and Montenegro - NLB Bank, was signed on April 4, 2006. After that, in the framework of the Project "1000 housing Credits - We create conditions for independent life", the contract was signed with HYPO Alpe - Adria a.d. Podgorica on April 14 and with Niksicka Bank on April 17. Contract between the Government of the Republic of Montenegro and representatives of Crnogorska komercijalna banka, Podgoricka - Societe Generale Bank and Montenegro - NLB Bank, was signed on April 4, 2006 The contract was signed with HYPO Alpe - Adria a.d. Podgorica on April 14 The contract was signed with Niksicka Bank on April 17 6
PROJECT "1000 HOUSING CREDITS” BULLETIN OF THE MINISTRY OF FINANCE/JANUARY-MARCH 2006 1000 HOUSING CREDITS - WE CREATE CONDITIONS FOR INDEPENDENT LIFE GOVERNMENT OF THE REPUBLIC OF MONTENEGRO IN COOPERATION WITH Crnogorska Komercijalna Banka, NLB Montenegrobanka PodgoriČka Banka-Societe Generale Group and HYPO Alpe Adria Bank REALIZES PROJECT "1000 HOUSING CREDITS" Who can be the housing credit beneficiary? Citizens of Montenegro, who earn regular income from their permanent employment and in accordance with the criteria envisaged by the project of the Government of the Republic of Montenegro ''1000 housing credits". Basic information on the housing credits terms - Credit repayment period: - up to 5.000 eur - repay,ment period up to 5 years; - up to 15.000 Eeur - repayment period up to 10 years; - up to 30.000 eur - repay,ment period up to 20 years. - Interest rate 4% annually. - Fee for credit utilization 0,5%. - Security depending on term of payment by means of an endorser or mortgage. INDIVIDUAL TERMS TO BE FULFILED IN ORDER TO BE GRANTED A CREDIT BY BANKS RESPECTIVELY NLB MONTENEGROBANKA - Customer has to be at least 6 months permanently employed at the time of submitting the claim; - The required monthly instalment is to be maximum 40% of regular monthly income reduced by the existing liabilities, or joint family income(reduced by the living expenses); - One or more creditworthy guarantors are required for amounts up to 7.000 eur; - Mortgage on real estate, which value is 2 times higher than the credit value, is required for amounts exceeding 7.000 eur; - Bank reserves the right to refuse granting the credit or to require additional security in accordance with the credit history of the customer and financial standing estimate. Required documentation: For credit applicant: - ZKS form duly filled in (all spaces, empty spaces to be crossed out ) and signed by the borrower; - Certificate of the income amount of the borrower, certified by the employer and signed by the borrower; - Two administrative bans for borrower, certified by the employer (address of the accounting department is obligatory!); - Duly signed bill of exchange in one's one hand and filled in by the endorser with complete data: name and surname, employer, address, ID card No.; - Preliminary estimate(pro-forma invoice) of the employer or Purchase-sale Contract (basis for transfer of funds), - Photocopy of the valid ID card or passport of the borrower. For endorser; - Certificate of the income amount for endorser/s, certified by the employer and signed by the endorser/s;, - Declaration of endorser duly certified in the court or by the bank employee, - Administrative ban for endorser/s, certified by the employer (address of the accounting department is obligatory!), - Photocopy of valid ID card or passport of the endorser. All forms and explanations can be found at the bank counter or taken from the website of the bank: www.montenegrobanka.com CRNOGORSKA KOMERCIJALNA BANKA AD PODGORICA In order to exercise the right to special purpose credit for purchase of a flat or house or reconstruction of a flat/house it is required that credit beneficiary receives the income through CKB and that monthly income burden is up to 1 of the monthly income. Required documentation: - Claim for credit grant approval 7
Page 3 and 4: REPUBLIC OF MONTENEGRO MINISTRY OF
Page 5 and 6: TABLE OF CONTENTS BULLETIN OF THE M
Page 7: Introduction BULLETIN OF THE MINIST
Page 11 and 12: PROJECT "1000 HOUSING CREDITS” BU
Page 13 and 14: Guidebook to the tax system BULLETI
Page 21 and 22: Budget suficit BULLETIN OF THE MINI
Page 23 and 24: Budget suficit BULLETIN OF THE MINI
Page 25 and 26: Tax administration BULLETIN OF THE
Page 27 and 28: Public debt BULLETIN OF THE MINISTR
Page 29 and 30: World Bank and Relations with the W
Page 31 and 32: State aid BULLETIN OF THE MINISTRY
Page 33 and 34: Enforcement of claims BULLETIN OF T
Page 35 and 36: Enforcement of claims BULLETIN OF T
Page 37 and 38: Functioning of the games of chance
Page 39 and 40: Agenda of the Ministry of Finance B
Page 41 and 42: Agenda of the Ministry of Finance B
Page 43 and 44: Activities of the minister BULLETIN
Page 45 and 46: Macrofiscal report BULLETIN OF THE

director - Ministarstvo finansija

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