Association attaches conditions to approval of Hungarian government’s plan to transfer pension savings to housing
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The Hungarian Association of Pension and Health Care Funds (ÖPOSZ) said government plans to clear the use of some pension savings for home purchases could serve its members’ long-term interests, with some conditions.
In the view of the organisation, the extension of the possibility to use pension savings for the purpose of acquiring real estate – if designed in a suitable, long-term way, fitting into the system of self-care – can serve the long-term interests of the members and can even make it more attractive for younger generations to start saving in pension funds.
According to a market survey presented by the Ministerial Commissioner, this could be equivalent to around HUF 300 billion (EUR 750 million), which, assuming a housing price of HUF 60 million (EUR 150 thousand) and a 15 percent deductible, would mean around 30,000 transactions involving housing loans or other sources.
ÖPOSZ has submitted comments on the proposed measure to the National Economy Ministry, it added.
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