The State Guarantee: a helping hand for young people | Banque et Caisse d'Epargne de l'Etat, Luxembourg
10th April 2018

The State Guarantee: a helping hand for young people

If you have just finished your studies or started your professional life, you are probably not thinking about saving money. And even less about saving to buy a property. Your own apartment… that’s a lot of money and still seems a distant dream, right? OK, but what if we told you that you can get started right away? Here’s how!

The dream of your own home becomes a reality

To get a mortgage from the bank, you need to have a base capital. However, if you do not have one, the State can be the guarantor of your loan. This way, you can still achieve your dream of your own apartment! To qualify for the State guarantee you need to fulfil certain conditions, as for instance:

  • hold a savings account in one and the same bank for 3 years
  • have a minimum capital of €240 in this account
  • once this minimum sum of €240 has been reached, deposit at least €290 per year into this account, for 3 years
The sum of €290 that you need to save annually, won’t stop you from financing your studies, travels with friends or other things!

Hassle-free saving

However, during those 3 years you may face an unexpected expense and need to withdraw money from your savings account to pay for it. By doing so, you may jeopardize your base capital and thus, the possibility to obtain your State Guarantee!

The best solution in this case is to take out a BHW building savings scheme plan with your bank. The money saved will be frozen until maturity and you will have nothing to worry about!

It's never too early to make a dream come true! So what are you waiting for? Start financing your future home right now! BCEE advisors will answer all your questions and help you manage your future as a homeowner.

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