The Housing Finance Corporation has finished drafting rules for the Government’s “100,000 Apartments” program.

According to the draft rules, eligible first-time home buyers can obtain 25-year loans at a six-percent interest rate from commercial banks. Apartments purchased under the program must be smaller than 50 square meters.

The loan program will be implemented after a list of eligible apartments is completed.

The Government is still to decide on a separate program that would give free land to people on lower incomes.