NAMA has launched a pilot scheme for its "80:20 Deferred Payment Initiative".
The product, the agency hopes, will protect buyers from decreases of up to 20% in the value of their property over the next five years.
The pilot phase of the programme will see the initiative available on more than 115 houses located in 12 developments in Dublin Meath and Cork.
Three banks - Bank of Ireland, AIB (through their subsidiary EBS) and Permanent TSB bank will participate in the initiative.
NAMA says that potential buyers interested in houses available under the scheme should approach one of the nominated banks
Under the scheme, a purchaser would seek a mortgage of €180,000 and pay a deposit of €20,000 on a property linked to a NAMA loan for sale for €200,000.
NAMA then agrees to defer the payment of 20% of the current value of the property, in this case €40,000. Should the property be worth €200,000 or more after five years the buyer's repayments will continue to cover the €40,000.
NAMA chief executive Brendan McDonagh said that the agency had offered the initiative based on their market research which showed concern about potential decreases in house prices in the future is a significant factor for house buyers in the current market.
He said that "together with initiatives in the recent budget" that the agency believes that "this measure will help encourage greater activity in the housing market."
A list of eligible properties is available on www.nama.ie
Permanent TSB confirms role
Permanent TSB confirmed that it will be taking part in the scheme, offering a variable rate of 3.69%. The bank says that it has constructed the product to ensure that even if prices don't fall after five years, the customer will not face increased repayments at that time.
The bank has set up a dedicated hotline for queries related to the initiative - 1890 500 143.
