As of June 1, 2017, financial institutions can apply for a qualifying consumer-friendly home loan with the National Bank of Hungary to qualify. Loans will not be cheaper, but the MNB intends to intensify competition between banks, reduce the cost of housing loans, reduce interest rates, and facilitate the process of borrowing more easily.
Under the new design, the term is up to 30 years
The loan has an interest rate of at least 3 years, and it aims to bring uniform and comparable products to the market, said Krisztián Vincze, head of GDN Real Estate Network Bank’s independent credit center. In his opinion, loans will not be cheaper, but banks will offer optional, much simpler, well-understood options.
More favorable home loans and loans with similar parameters are currently available in the credit supply than required by the rules of qualified consumer-friendly home loans.
New construction only regulates the limits
As the new construction only regulates the limits that banks cannot go through, there will be many opportunities within which the role of true experts will become even more important. The help of professionals will also be important in finding a way to find mortgage loans, as more and more banks will offer competitive offers (close to 15 banks), but customization will be the task of the experts as every person has a different opportunity!
The usability of home loans is favorable
As “consumer friendly home loans” are not only for home purchase but, contrary to its name, can be used by customers for a variety of home uses, such as home loans. building land, house purchase, home purchase, but also the redemption and more favorable exchange of the existing housing loan!
This means more usability, hopefully it will be available from July 1st, the expert added!
If you are thinking of taking out a home loan and are looking for guidance in the jungle of various bank offers, CSOK support, VAT refunds, seek the help of Sergeant Francis Troy credit brokerage experts.