CIB Bank receives consumer-friendly certification
CIB Bank has been certified to offer "consumer-friendly" home loan products, the National Bank of Hungary (MNB) said on Monday. The certification is aimed to counter high interest margins and a low rate of borrower refinancing, noted state news wire MTI.
Lenders have been able to apply for the certification since June 1. In addition to CIB Bank, products offered by Raiffeisen, OTP Mortgage Bank, MKB Bank, K&H, Erste Bank, FHB Commercial Bank and 50 integrated savings cooperatives have been certified, MTI recalls.
To become certified, banks must cap their home loan lending margins at 350 bps, origination fees at 0.75% or HUF 150,000, and early repayment fees at 1% or, in the case of repayment from home savings bank accounts, 0%. Lenders must also make potential borrowers an irrevocable loan offer when they inquire at a branch.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.