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CSOK loan payouts increase in 2017

Telco

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Hungarian lendersʼ payouts of government support under the expanded Home Purchase Subsidy Scheme for Families, known by its Hungarian acronym "CSOK," are up sharply this year, the countryʼs biggest banks told national news agency MTI.

The government launched the scheme, which awards subsidies and preferential credit for home purchases to families with children, late in 2015. Lenders process applications for the subsidies. Roughly three-quarters of CSOK applicants also apply for a home loan, the banks said.

OTP Bank, Hungaryʼs biggest commercial lender, had awarded almost HUF 29 billion of CSOK subsidies by the end of October, up 46% on the same period in 2016. The subsidies were paid out on about 9,300 applications, the bank said.

Hungaryʼs integrated savings cooperatives, including TakarékBank and FHB Bank, paid out HUF 14.4 bln of CSOK subsidies by the end of September, up nearly 40% year-on-year. The number of applications rose 10% to 4,959 during the period.

CSOK subsidies paid out by UniCredit Bank more than doubled to HUF 4.7 bln. The number of applicants reached 1,600, with 85% approved in the first ten months of the year.

At K&H Bank, CSOK subsidy awards reached HUF 6.4 bln, up one-third year-on-year in the first seven months of the year. The average subsidy paid out per borrower came to HUF 2.8 million, the lender said.

Budapest Bank awarded CSOK subsidies of just under HUF 1 bln by the end of October, five times the amount in the corresponding period a year earlier.

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