State Guarantees definition
Examples of State Guarantees in a sentence
Even if the assignment is effective, the enforceability of the State Guarantees may be affected if the Housing Finance and Development Centre of Finland has not been informed of the assignment.
The payment of the State Guarantee to the lender may be withheld or reduced if the Housing Finance and Development Centre of Finland determine that the Act on State Guarantees for Owner-Occupied Housing Loans, the regulations pursuant thereto and accepted banking practices in Finland have not been observed in respect of granting or managing the Loan or Related Security and if the interests of the State have been adversely affected.
However, it is unclear under Finnish law whether it is possible to assign the benefit of State Guarantees to third parties.
Borrowers in Finland can take advantage of a specific government guarantee scheme under the Act on State Guarantees for Owner-occupied Housing Loans (Finnish: Laki omistusasuntolainojen valtiontakauksesta, 204/1996, as amended) which is available to any individual who buys a home or builds a house to be used as the primary residence of that individual or their family.