The scale of eOselia is growing, apartments are getting smaller: what will change in the state mortgage program in 2026

The only mass mortgage program, the state-run "eOselia", is moving to a new phaseStarting in February 2026, it will operate under updated rules — approaches to financing, tools for banks' operations, and parameters of housing that can be purchased will change.The market expects more loans and deals, but in the "liquid" area segment: up to 115.5 m² for apartments and up to 125.5 m² for houses. What else will change is in Lesya Solovchuk's article.Why is the program restarting?On the need for reform They announced e-mortgages at the NBU a year ago.At the Affordable Mortgage Forum in March 2025, First Deputy Governor of the NBU Kateryna Rozhkova explained that the eOselia program is not enough for mass mortgage programs, as it only works for certain categories of potential borrowers.The reason is that the money for the loans for this mortgage came entirely from the budget. This made the model unsustainable and effectively unscalable.Periodic funding shortages hampered loan disbursements: thousands of borrowers waited for months. In 2025, only 7,769 families benefited from the program, compared to 8,515 in 2024.The NBU calls the current model unprofitable and criticizes it. Ukrfinzhytlo (program operator) for the interruptions.How will the program change from February 2026?New goals and toolsIn the summer of 2025, the NBU approved the e-Housing Development Strategy until 2029.The goal is to provide support more targeted and increase the coverage: from 22,000 families who have already benefited from the program to over 70,000 new homeowners.Key changes:Banks lend using their own funds;Ukrfinzhytlo compensates for the difference between the fixed and floating rates on a mortgage loan;The state budget is no longer spent on issuing loans directly."The total amount of interest compensation will be less than the loan amount, and its payment will not be a lump sum, but will be spread out over five to ten years of compensation," the NBU press service explains.As a result, borrowers' applications should be processed faster, as banks will start lending using their own funds. There will be no need to wait for another tranche from Ukrfinzhytlo, the NBU emphasizes. They expect that under the compensation model, banks will be more willing to lend, as they will receive a market rate instead of a fixed commission of 4%, as is currently the case.The difference between the preferential and actual rates will be financed by Ukrfinzhytlo.In the long run, this mechanism will make it possible to use financial instruments for further program financing, the NBU emphasizes. This includes, for example, the issuance of covered bonds and the securitization of the mortgage portfolio. (A mechanism for refinancing assets through the issuance of securities backed by mortgage loans.)In 2025, the state recapitalized Ukrfinzhytlo by UAH 30 billion, and UAH 17.1 billion is foreseen for 2026. According to Serhiy Mamedov, chairman of the board of Globus Bank, "for citizens, this means real opportunities to purchase housing on favorable terms, and for the economy, it is an impetus for the development of the construction sector and related industries."What exactly is changing for borrowers?2026 will be the first year the updated rules are in effect.New categories at a 3% rate Starting January 11, the following individuals are eligible for the preferential 3% interest rate: mobilized military personnel, employees of the National Anti-Corruption Bureau of Ukraine (NABU), the Specialized Anti-Corruption Prosecutor's Office (SAPO), the National Agency on Corruption Prevention (NACP), and the Bureau of Economic Security of Ukraine (BES).Previously, only contract soldiers among the military had a preferential rate, but now the category has been expanded. However, mobilized individuals can only take advantage of the benefit under new agreements, Ukrfinzhytlo explains. This means that a soldier who has already applied for eOselia at 7% will not be able to switch to a 3% rate.Strict area limits — no right to additional paymentsStarting February 1st, there is a limit on the maximum area of housing for which a loan can be issued: apartment — up to 115.5 m², house — up to 125.5 m².An additional payment for "extra meters" is no longer possible. The 115 m² limit is absolute: even a family with five children will not be able to take more.New formula for the area per family The standard area per person has actually decreased: previously it was 52.5 m² for the first person + 21 m² for each subsequent person, now it is 52.5 m² for two people + 21 m² from the third person.Previously, 52.5 m² of space was allocated per person, plus 21 m² for each subsequent family member. This meant that a family consisting of a married couple and a child was entitled to a standard of 94 m² (52+21+21).Under the new conditions, the standard is defined as 52.5 m² for two people, with an additional 21 m² added only from the third family member onwards. Now, the same family with a child will be able to take not 94, but only 73 sq.m (52+21).Compensation model: 7–10% for housing not in a new buildingAnother program will be launched in the first quarter of 2026: 7% for the first 10 years for internally displaced persons and veterans, and 10% for the first 5 years for other categories. After that, the rate becomes floating.There will be fewer restrictions on the age of the building: in Kyiv and regional centers, it will be possible to get a loan for an apartment in a building up to 20 years old, and in other cities, there will be no restrictions.Control of housing use Mortgaged housing will be prohibited from being used for purposes other than one's own residence. For example, it will not be possible to rent it out.The program also includes a mechanism for quarterly verification of the borrower's eligibility for preferential categories.How will the new e-Housing program affect the market?Given these changes, large homes with an area exceeding the limit are excluded from the unified eOselia mortgage program. All stakeholders in the process—buyers, sellers, and developers—need to take this into account.The new rules will change the market, encouraging developers to switch to smaller areas in new projects, explains Oleg Prykhodko, CEO of the consulting company GREENOL. "This trend started earlier, and now it will deepen," he says.In the long term, according to the NBU's forecast, the new e-Housing model will stimulate the development of non-state mortgages.After all, Ukrfinzhytlo's strategic plan is to limit access to government programs for high-income individuals.So, for example, borrowersThose who wish to purchase a larger home or have a higher income than provided for by the program will create demand for market mortgage products."Focusing state support on the categories that need it most and launching a compensatory model will also contribute to the development of mortgages on market terms," the NBU press service explains. And with the reduction of market rates, banks will be able to compete with their own mortgage products.

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