Qualified Consumer Friendly Real Estate Loan, Can We Expect Change?

Image result for bank loanAccording to the data of the bank, and according to the surveys, fifty to sixty percent of the loans disbursed at the moment fulfill the guiding condition of the Qualified Consumer Friendly Loan, ie the loan interest rate is below three hundred and fifty basis points. Costs incurred until disbursement are maximized, repayment details are set on a monthly basis. The period can be 3.5 to 10 years, until the end of the term, which is max. 30 years, fixed interest will be charged.

On the market, banks are counting over the amount of interest margins they can afford. This surcharge needs to cover the costs of disbursing the loan, the risk that the client may not pay, and the bank’s profit.

The competition between banks will probably be based on the fact that each bank in the rows of the table will try to put their interest rates above each other.

Banks receiving the MFL trademark will not be obliged by the National Bank of Hungary to sell their products at these favorable interest rates.

So, as in the past, only qualified credit applicants will be credited to the future at favorable interest rate levels.

There are also a few other words about the large family loan discounts

Image result for bank loanWe must also mention the CSOK on the subject of housing loans, because if we can live with it we need to apply for a smaller amount of credit. Recently, the first few questions have been raised about real estate credit relief for large families

Families who have a mortgage loan can write down HUF 1 million for their debt in the case of the third and every additional child, ie the state removes this debt from their shoulders, assumes them from the measures regarding the extension of family support. János Lázár indicated that the measure is expected to come into force from 2018.

Details are barely known, but you can expect from the bulletin:

1. The measure can only be used for existing real estate loans. For new contracts, only the CSOK (Family Home Benefit, as we know it is part of the family support system) will come into effect. However, the question remains whether it is possible to apply for a loan in addition to the Social Policy Benefits that we have before.

2. The only exception to the measure is that only the third, fourth child who has already been born is entitled to the discount, ie there will be no advance in this factor.

3. Banks do not seem to be asking for contract modifications or prepayment fees. However, as I would do, the state is obliged to pay this amount.

4. Shadow covers this measure for mosaic families. If the goal of our fathers is to have more and more children in our country, then we have to count on the following fact: the divorced families will turn several times, three or four or even more children.

5. The procedure seems to be entrusted to the banks, that is, they have to carry out the process, whether the eligibility of the credit applicants exists.