0 Comments

Today, the MNB announced that after HHB, EarnNow and a bunch of savings co-operatives, ComSave Bank has also been awarded the opportunity to offer consumer-friendly home loans.

 

What is this “consumer friendly home loan”?

home loan

The MNB has designed to give consumers a glimpse of a home loan with such a rating that it meets the following criteria or even better:

The interest period is a minimum of 3 years. (In English, your interest rate is adjusted every three years to the change in the reference rate. For example, if it is an interbank interest rate, your interest rate will remain unchanged for 3-5-10 or even 20 years, even if the interbank interest rate changes. your loan interest rate will change each year.)

 

The interest rate premium may not exceed 3.5%

Today, the interest rate on a loan looks like BUBOR (that is, between Hungarian banks) or base rate or 5-year government bond plus X% premium. The size of the X% depends on how good you are as a debtor, how long your interest rate is fixed (the shorter the duration, the lower the premium. More) and other such factors. Well, that X% can’t be more than 3.5%. That is, if you say the base rate is 0.9% and the loan is tied to it (which is rare, but by way of example), you can’t have more than 4.4% at the moment. If, after five years, the base rate is 4.5%, your loan will run at a maximum rate of 8%.

  • Home savings can be repaid free of charge.
  • The redemption fee may not be more than 1%.
  • The disbursement fee payable when taking out a loan (which is a rather high cost) cannot be more than 0.75%, but not more than 150 thousand HUF.
  • Credit assessment up to 15 business days, disbursement up to 2 business days.

What’s important to know is that not all home loans will automatically be consumer friendly at any of these banks, and it may not be the best choice for you. (Because, say, you want such a long interest period. Of course, you can crap it up by tying up a shorter interest period, but this will come later.)

In any case, it is worth paying attention to these loans, but also whether these are the best options for you. Especially when you want to pay off your loan, or if you run more home savings with your loan, you can win.

A blog credit expert will continue to be happy to help you find the best solution.

Author

blog@i-krakow.com