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Home renovation applications at Erste Bank near HUF 2 bln

Residential

Since the start of the home renovation loan scheme in February, Erste Bank has received applications worth almost HUF 2 billion, writes economics website novekedes.hu.

More than 70% of the customers requested the maximum loan amount of HUF 6 million, the average loan amount being HUF 5.5 mln, according to Alexandra Szabó, head of the bank's retail mortgage and baby loan product management department.

The proportion of those who choose the longest 10-year term available is more than 80%.

Customers most often want to spend the loan on energy upgrades to their homes, such as door and window replacements, insulation and heating system renovations, but one of the most popular targets is the replacement of interior cladding.

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