Zilisteanu told a news conference Thursday that 120,000-130,000 real estate transactions have been carried out within the program so far, with 750.000 transactions last year alone.
Nevertheless, the real estate analyst said that the implementation of the law on debt discharge will shrink the lending on the real estate segment, which will negatively impact the clients, who will no longer have an easy access to loans.
Zilisteanu also criticized the MPs as they did not take into account the opinions of banking specialists when setting up the law, following their political instinct.
Another consequence of the law on giving in payment could be the increase of the appetite for cash transactions, offsetting the recent efforts to stimulate electronic payments.
The Romanian Senate unanimously approved the law on debt discharge, but the Chamber of Deputies has the final say on the matter.
The senators decided the First Home program will remain subject to the provisions of the law on debt discharge, but, they also admitted the Romanian central bank’s proposition to introduce a maximum ceiling of EUR150,000 for properties used for residential purposes, which will be considered when enforcing the law.
According to the law on giving in payment, a debtor can resort to the discharge of debt obligations stemming from a loan contract through the transfer of immovable property to the creditor.