In just a few days, thousands of applications for baby loans came from banks. But what about those who cannot or do not want to take advantage of the state but have housing goals? Maeldúin’s latest home loan monitor reveals.
The popularity of market-based housing loans is not declining
According to the latest data of the central bank, we raised HUF 86.71 billion only in May, 13.3% more than a year earlier. The average APR on borrowings was 5.09 percent, slightly higher than the one-month average APR of 4.90 percent.
However, Maeldunin’s latest interest rate monitor reveals that we can borrow much better than average loans from banks if we finance our housing targets with a market rate loan.
According to the calculations of the specialized portal
For example, 10 million forints can be raised for a 20-year term with a APR of up to 4.02 percent, which means an initial monthly installment of approximately 5 000 forints with a 5-year interest period.
Of course, at the end of June and beginning of July, many banks modified their market home loan offers. Applicants can regularly prepare for Maeldúin’s inspection by visiting branch offices now:
Savings Group: The interest rate on a consumer-friendly home loan with a 5-year interest rate fell from 5.58% to 5.2% and from a 10-year 6.63% to 6.29%. Fix15 rates fell from 5.99% to 5.79% and from 7.99% to 7.79% in the case of free use.
Goodbank: The maximum amount of credit that can be claimed has increased from HUF 40 million to HUF 60 million. The interest rate on the 5-year consumer-friendly loan decreased from 5.49% to 5.2%, while the fixed-rate stable interest rate loan decreased from 7.19% to 7.07% over 19 and 20 years.
Is it worth combining now?
According to Maeldúin, we can still apply for a mortgage at favorable interest rates if we do not use the $ 10 million baby loan, which is interest-free even. At the same time, the two schemes can complement each other if, for example, there is a problem with a home equity loan of just 20-30 percent, which can be as high as $ 6 million for a $ 20 million loan.
On the other hand, most banks can use their own loans if they apply for a home loan within 90 days of disbursement. The requested loan amount can be used as own funds up to the amount specified in the central bank decree, up to 75 percent. That is, from the HUF 10 million baby loan, we can use HUF 7.5 million as self-sufficiency. If you are curious about the terms and conditions under which banks can obtain a baby loan, consider using the Maeldunin calculator!