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Starting in September, the central bank hopes that banks will not automatically reject claims from loan applicants because of their age. The banks complied with this request, writes Azénpénzem.hu.
As of September 1, under the MNB’s new consumer protection regulations, banks will have to determine how older customers can use their services. The central bank hopes, among other things, that age will not be considered an automatic reason for rejection. According to the MNB, credit institutions must determine in advance the conditions under which older people can also obtain loans, writes the financial portal.
During the current epidemic period, not a single bank has appreciated the appreciation of its regular customers. Your monthly income does not depend on the crisis. For example, MKB does not consider the age of its clients to be an automatic exclusion for a loan application. By the way, almost all banks oppose the “automatic exclusion” clause, but it doesn’t matter what type of loan it is.
There is no age limit for overdrafts and credit cards.
At OTP Bank, the age limit for personal loans and home loans depends on the expiration date. This is 70 for a personal loan and 75 for a real estate loan. If the client ages, they have the opportunity to involve a younger debtor, who meets the evaluation criteria, or in the case of a real estate loan, the scheme can be supplemented with life insurance. The financial institution does not set an upper age limit for commodity credit and overdraft at all.
At Takarékbank, the applicant for a personal loan can be up to 71 years old at the end of its term. Of course, it is also possible to involve a tax partner here. In the case of saddle-type products, there is also no upper age limit for savings. Unicredit also sets a 65-year limit for applicants for home loans and personal loans, but the age limit can be increased for home loans by purchasing life insurance. For line of credit products, like overdrafts or credit cards, they don’t have that limit either.
In the case of personal loans, Budapest Bank expects that if the main applicant is already 66 years old at the time of applying for the loan, they will present a co-applicant between 21 and 66 years old who meets the conditions of the loan application. In the case of mortgage loans, there is no entry age limit, and in the case of individual appraisal, it is possible to obtain a loan even above the 75-year maturity age. There is no upper age limit for credit card applications.
More details can be found here.
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