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Households Borrow Net HUF 90 bln in May

Banking

Photo by Liptak Robert / Shutterstock.com

Households took out net HUF 90 billion of loans in May, monthly data released by the National Bank of Hungary (MNB) on Wednesday show.

New lending contracts included HUF 21 bln of prenatal baby support loans.

The government introduced the unsecured, interest-free, general-purpose prenatal baby support loans up to HUF 10 mln for families having children in the summer of 2019 along with a number of measures designed to address depopulation. The credit is available until the end of 2024, albeit with tighter conditions and a HUF 11 mln threshold.

The retail lending stock stood at HUF 10.432 tln at the end of May. The stock included HUF 2.115 tln of prenatal baby support loans.

Households made HUF 82 bln of net deposits during the month, lifting retail deposit stock to HUF 12.582 tln.

MNB data show the average annual percentage rate for home loans from Hungarian banks was 6.93% in May, falling from 7.03% in April. The home loan APR was down from 10.35% in May 2023.

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