Lenders disburse HUF 77 bln under Green Home Program
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Lenders have disbursed about HUF 77 billion of credit under the Green Home Program of the National Bank of Hungary (MNB) since the scheme's launch on Oct. 4, 2021, the central bank said on its website.
Banks had signed 2,519 contracts for the credit by Feb. 25, 2022, the MNB said.
Around HUF 41 bln of the credit was disbursed for detached houses and plots, while HUF 26 bln was for homes in multi-residential buildings and HUF 10 bln went to purchase duplexes.
Around 59% of the credit was for homes the owners are building themselves. The average loan size was HUF 30.6 million and the average run was 20.8 years.
Under the program, the MNB provides 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 stood at 4.32% in December, according to the latest MNB data.
The credit is limited to borrowers who plan to reside in the homes they purchase, thus excluding property investors.
The initial allocation for the scheme has been set at HUF 200 bln, but MNB deputy governor Mihály Patai said earlier there is a "very good chance" that central bank policymakers will continue the program once that amount has been disbursed.
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