At Wednesday’s cabinet meeting, a decision was made to introduce a discounted 3 per cent loan for those preparing to buy their first home or apartment, Hungarian Prime Minister Viktor Orbán announced on Facebook.
The new subsidy is available to anyone seeking to purchase their first home or apartment. ‘The property can be located anywhere in Hungary, from the smallest village to Budapest, and there is no age limit,’ the Prime Minister said. He added that a maximum of HUF 50 million (approximately USD 147,000) can be borrowed at an interest rate of 3 per cent for the entire term, which may be up to 25 years. The required down payment has been set at 10 per cent.
Orbán noted that real estate prices have increased recently, which may be good news for those already owning property, but many people have not yet had the opportunity to buy their own home.
The preferential loan programme is part of a new housing strategy aimed at halting rural migration and supporting Hungarian families in purchasing their first property.
Orbán had previously indicated that important decisions could be made at Wednesday’s cabinet meeting, with drought conditions, housing development, and the situation in villages being central topics on the agenda.
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