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The home creation program will be expanded with another element: starting February 1, 2021, a home renovation loan will be offered to those who do not have sufficient funds to live with a home renovation grant of up to 3 million HUF , half the renewal costs – said Katalin Novák, Minister of Family Affairs, reiterating the essence of Viktor Orbán’s announcement on Saturday. However, he also provided a few more details:
- The home renovation loan will be a bank loan of up to HUF 6 million, with a maximum term of 10 years and a maximum interest rate of 3%.
- Banks check if the applicant is eligible for the house renovation subsidy (raising at least one child in their home, having a renovation goal and having at least one year of social security). Anyone who meets the credit evaluation criteria will receive the loan.
- When someone has received the loan and started the renovation, they can collect the bills on the fly and then “have a whole year” and then apply for home renovation support from the Hungarian State Treasury as well.
- At that time, even the Hungarian State Treasury examines whether the claimant is entitled to the renewal grant at the given time, that is, the conditions must be fulfilled in two moments.
- The loan amount borrowed is reduced by HUF 3 million if this grant is taken into account. It will have to be repaid for the remainder of the 10-year term, in this case in the case of the largest amount of support, this will mean a repayment fee of around HUF 30,000.
The HUF 30,000 installment mentioned by Katalin Novák is initially higher: until someone accepts the 3 million grant, with a loan of 6 million, a term of 10 years and an interest rate of 3%, it will actually be almost 58 thousand HUF. The only incomprehensible point in the minister’s words is that whoever gets a loan will only have one year after requesting it to apply for the grant. On the other hand, those who do not take out a loan will have the opportunity to do so until December 31, 2022, that is, they will have two years to do so. (Of course, it is possible to obtain a loan long after renovation work has begun, but for many it is not feasible.) It is not yet known what will happen if someone has obtained a loan but files a claim for support for more than a year – you may lose your support this way, but it may not automatically reduce your debt either, it will be reduced separately. must pay in advance. The restriction now indicated it can lead to unnecessary rush and labor shortages, and obviously increase debt risks. One thing no one has mentioned yet: it’s likely a mortgage, that is A mortgage must be registered for the apartment to be renovated..
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