As we reported earlier, more and more consumer-friendly home loans are coming to the market, and yesterday the National Bank of Hungary accepted applications for two Good Finance Bank designs. We can read everything about a qualified consumer-friendly home loan in our previous article, but here are the key points:
Repayment must be annuity only
- the interest premium may not be higher than 3.5% of the reference value
- the credit assessment is 15 business days from the valuation, and the disbursement is 2 business days
- the disbursement fee is a maximum of 0.75 percent of the loan amount and a maximum of HUF 150 thousand
- the prepayment fee may not be higher than 1 percent of the prepayment amount, and if we obtained the loan through a home savings fund, it is free of charge
Thus, Good Finance’s offer is definitely in line with these conditions
But let’s see what else is available: the two loan products can be borrowed at 3 and 5 year interest rates. On the closing days, we have the opportunity to determine for free the next period or even fix the interest until the end of the term.
Larger competition may occur around other one-off fees, for example Goodbank will release virtually all of these (notary fees up to $ 50,000, disbursement fees, appraisal fees), and in addition, they will give away $ 100,000 in their introductory promotion. For the time being, Good Finance Bank does not see such a promotion in the announcement or on the website, but we are still dealing with very favorable products. The details of the two home loans are worth reading here.
Is it worth rushing to the bank now?
By no means. As previously advised, home buyers are advised to wait until September-October, when more and more banks will appear on the market with consumer-friendly home loans.
By the fall, the competition will be so strong that you will be able to catch a better offer, with bigger discounts, or possibly better interest rates, which can save hundreds of thousands over 20-30 years. So whoever has a home-building intention and a home for a while, wait a while, as for the time being it seems that only the one who stays patient can win.