Home Loan 2019: The Most Important Information

The housing market is booming for the fifth year running, and experts are not expecting a downturn this year either. The rise in square meter prices does not affect all parts of the country in the same way: the high prices are mainly felt in the capital and in the big cities, but also in smaller settlements, which is expected to be further strengthened by the village CSOK. We have written more about how the housing market has evolved in 2018 in this article.

Wherever we plan to buy an apartment or house, it is becoming increasingly difficult to manage on our own, which obviously means that more and more people are taking out a home loan to achieve their real estate goals. A home loan can determine your finances for decades, so it is important that you choose the best one available on the credit market.

Buying a home in 2019: It’s worth preparing for these change

Buying a home in 2019: It

As of July 1, 2019, there will be several changes that may affect you if you plan to buy an apartment or house this year:

  1. The scope of state subsidies is expanding

  • The terms of the CSOK will be relaxed

  • Come to the village CSOK

  • Baby support comes

  1. JTM conditions change

Let’s look at these in detail!

Buying a home with government support – these are the latest options

Buying a home with government support - these are the latest options

The terms of the CSOK will be relaxed

Changes have also been made to CSOK state aid and preferential interest-subsidized loans:

  • As of the end of 2018, the application process has been simplified, with most of the conditions being subject to a declaration.

  • The limit of HUF 35 million has been abolished for new homes – the limit for used homes will be abolished after July 1, 2019.

  • A discounted loan of up to 15 million HUF can be applied for in case of three children, this amount is 10 million HUF in case of two children.

  • Rural CSOK is coming: the same amount of non-refundable subsidies are available for buying a home in a settlement with a population of less than 5,000 as if you were buying a new home. Half of the original amount may be used for upgrading.

  • Baby Waiting Support Comes Up: An interest-subsidized personal loan, also known as a baby-waiting loan, can be used for home purposes – so you can claim up to $ 10 million at 0 percent between July 1, 2019 and December 31, 2022. If your three children are born after the contract is signed, then the $ 10 million loan will be a non-refundable grant!

More details on CSOK are in this article, and you can read more about baby support for real estate purchase here.

You already need half a million forints for a high income

You already need half a million forints for a high income

The JTM Decree came into effect in October 2018 and made the repayment tranche of a loan dependent on the length of the loan period. While in the past, monthly repayments may have accounted for up to half of our income, regardless of the length of the interest period, and 60% for high-income loans, since October last year it was only 25% for loans with a maturity of less than 5 years. The following is the table, the current regulation:

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