Orbán unveils 3% home loan deal for first-time buyers – Here’s who can cash in
The government has approved a 3% home purchase credit programme for first-time buyers, Prime Minister Viktor Orbán said during a break at a cabinet meeting on Wednesday.
In a video message posted on Facebook, Orbán said the new subsidised credit would be available to all Hungarians buying their first home, but would stand to benefit young Hungarians the most. He noted that home prices had jumped in recent years, which was “good news” for the majority of Hungarians, who own their homes, but said there were also many who had not yet been able to buy a flat or a house.
The interest rate on the new subsidised credit will be set at 3% for the full maturity of the loan, up to 25 years. The loans will be capped at HUF 50m and require a 10% down payment. Orbán pointed out that the rate on the subsidised credit was less than half of market rates, which stood at 6.5%-8% at present. He said another programme to support home renovations would launch on 1 September with the aim of supporting “several hundred thousand” families.
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