More than a thousand families and over three hundred unmarried young people have purchased homes under the First Home government program. The information is being released nearly a year into the program’s launch, IPN reports.

Prime Minister Pavel Filip said the program exceeded the Government’s expectations: it is much more effective than initially thought, as banks have begun to compete with one another and offer lower interest rates than first expected.

The five banks participating in the program offered loans totalling 662 million lei, and the amount of state guarantees offered is nearly 331 million lei.

The homes purchased under the program average 59 sq.m. in area and 564,000 lei in value. 1284 homes were bought in urban areas, and 91 were in villages. The average age of the beneficiaries is 31 years.

This year, another 3000 credits will be awarded under the First Home Program. The state covers 10% of the total value for families with one child, 25% for families with two, 50% for families with three children, and for children with four or more children, the state subsidizes the entire amount, with the beneficiaries to cover only the interest.