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170,000 couples take out prenatal baby support loans

Banking

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So far, 170,000 married couples have taken out prenatal baby support loans, Minister for Families Katalin Novák said in a message posted on Facebook on Tuesday.

The government introduced the unsecured, interest-free, general-purpose prenatal baby support loans up to HUF 10 million for families having children in July 2019. The loans are part of a package of family support measures designed to address the problem of depopulation and are available only until the end of 2022.

Novák noted that 30% of the principal of the loan is canceled after the birth of the borrowers' second child and the full amount is discharged after the birth of a third child.

The prenatal baby support loans have been an engine of retail lending growth. Total stock of the subsidized loans reached HUF 1.285 trillion at the end of May, the latest data from the National Bank of Hungary (MNB) show.

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