Bankmonitor senior analyst: new government property purchase scheme to energise Hungarian credit market
State-subsidised credit for first-time home buyers could account for 30-50pc of outlays when the Home Start Programme launches in September, an analyst for Bankmonitor said on public television on Monday.
József Argyelán said a property market “boom” was expected when lenders started accepting applications for the 3pc home loans. He added that the preferential rate was less than half of the 6.5pc-7pc market rate at present.
Under the scheme, announced a month earlier, first-time home buyers who have paid their social security dues for at least two years may borrow up to HUF 50m. Price caps for eligibility, of HUF 100m for flats in multidwelling units and HUF 150m for detached homes, are expected to mitigate the scheme’s impact on market prices.
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