Government has adopted 3 per cent housing credit programme

The government has adopted a 3 per cent housing credit programme; everyone who would like to buy their first home is eligible for the new grant, Prime Minister Viktor Orbán announced on his Facebook account on Wednesday during a break of the cabinet meeting.

In the video posted on his social media account, the Prime Minister said the prices of housing properties have drastically increased in recent years in Hungary. “Naturally, the majority of families live in their own properties, and this may be good news for them, but there are many who have not yet been able to buy their first flat or to buy or build their first house,” he added.

Mr Orbán said everyone who would like to buy their first home is eligible for the new grant. They can buy properties anywhere, from the smallest village all the way to Budapest, and there is no age limit of any kind, though according to the order of life this favours young people more, the Prime Minister said.

“A maximum loan of 50 million forints can be taken out at 3 per cent interest for the full term which is maximum 25 years. The mandatory own contribution is 10 per cent. This is significant help as today there are high interest levels, standing at around 6.5 to 8 per cent, on the market, and this is less than half of that,” the Prime Minister stated.

Mr Orbán indicated that they would not stop here. On 1 September, they will launch the next programme which will provide an opportunity for those who would like to refurbish their properties, “we sincerely hope for hundreds of thousands of families.”