Borrowers take out HUF 22 bln of Green Home Program credit
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Lenders have disbursed about HUF 22 billion of credit in the framework of the Green Home Program of the National Bank of Hungary (MNB) since the launch of the scheme on October 4, the central bank said on Tuesday, according to a report by state news wire MTI.
Banks signed 753 contracts for the credit by the end of 2021, MNB said. Around HUF 12 bln of the credit was disbursed for detached houses and plots, while HUF 6 bln was for homes in multi-residential buildings and HUF 3 bln went to the purchase of duplexes.
Around half of the credit was for homes the owners are building themselves.
The average loan size was HUF 28.6 million and the average run was 20.6 years.
In the framework of the Green Home Program, the central bank is providing 0% refinancing to lenders for retail loans for new homes with a primary energy consumption threshold of 90 kWh/sqm per year. Interest rates on the loans are capped at 2.5%.
The average interest rate for a home loan - excluding loans with floating rates set for periods of one year or less - stood at 4.26pc in November, the latest NBH data show.
The Green Home Programme credit is limited to borrowers who plan to reside in the homes they purchase, excluding property investors.
The initial allocation for the scheme has been set at HUF 200bn, but NBH deputy governor Mihaly Patai said earlier there is a "very good chance" central bank policy makers will continue the programme if that amount is used up.
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