We look for an answer to the above question in the article below, as the National Bank of Hungary is intensifying price competition between banks by planning to rate the best loans. In the opinion of the MNB, price competition in the housing loan market is not sufficient.
With the introduction of the new method
The central bank also hopes that interest rates will fall and credit products become more transparent to consumers.
Products that meet all the criteria will be awarded the label. The MNB believes that its decision is motivated by the current situation, where there is not enough price competition between domestic commercial banks. Comparing the home loan market with the international home loan markets, we can immediately see that interest rate spreads are very high and the number of loan redemptions is low.
The qualification criteria
The most important aspect is that a wide range of consumers have access to a selected home loan, including those receiving a Family Home Improvement Discount (CSOK).
In addition, MNB certification is only granted to home loan products that are admissible under simple administration without hidden costs and tying. And the product must ensure that the payment obligation can be calculated in the long term. The product should also be able to respond flexibly to the changing circumstances of the consumer and encourage them to take advantage of the credit swap.
The MNB will conduct negotiations with representatives of commercial banks and consumers on the details over the next two months.
Good Finance’s dedicated staff will respond quickly to any new developments to find the best home loan for you.
Contact our staff with confidence
But in the meantime, if you are thinking about building or buying a home loan and want more information about the terms of CSOK 2017 and 5% VAT, and if you want to negotiate with the banks on an equal footing because you don’t want to go wrong get help from your Good Finance credit broker!