Partner banks of the Ukrainian Financial Housing Company (Ukrfinzhytlo) have built a cumulative mortgage loan portfolio totaling UAH 40bn over three years of implementing the state-subsidized mortgage lending program eOselia. This volume is comparable to the scale of leading mortgage companies worldwide.
According to Ukrfinzhytlo CEO Yevhen Metzger, the portfolio is equivalent to approximately $1bn, which in international practice is considered the threshold of a mature and systemic housing program rather than an experimental mechanism.
“For comparison, the portfolios of national mortgage companies in Iceland and Australia, which have been operating in their markets for many years, amount to €1–2bn. The eOselia program has already reached a comparable level in just three years,” Metzger said.
He also noted that by the standards of Ukraine’s financial market, the program’s mortgage portfolio is comparable to the loan portfolios of the country’s largest banks.
Since the program’s launch in October 2022, a total of 23,214 families have used mortgage loans under eOselia, including 14,462 families with children who have obtained their own housing. The largest share of borrowers consists of military personnel and representatives of the security sector, who are eligible for mortgages at an annual rate of 3%. A total of 11,245 loans have been issued to this category.
Preferential loans at a 3% rate were also granted to 1,676 healthcare professionals, 1,644 educators, and 445 researchers. Loans at a 7% rate were issued to 6,298 citizens without housing or with housing below the statutory norm, 1,365 internally displaced persons, and 541 veterans.
On the secondary housing market, 13,291 families purchased homes under the program, while 9,923 families bought housing on the primary market, including 2,499 apartments acquired in buildings at the construction stage.
Andrii Teliupa, advisor to Ukraine’s Minister of Economy, Environment and Agriculture, noted that the eOselia program has proven effective not only as a social instrument but also as a mechanism for stimulating economic growth.
“Each week, mortgage agreements totaling more than UAH 300m are concluded. For businesses, this is a signal to increase construction volumes, production of building materials and furniture, and to scale logistics. As a result, every hryvnia of state support is transformed into UAH 2.8 in taxes and fees returned to the budget,” he emphasized.
