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New Home Loans Reach 6-year Low

Banking

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The number of new home loans in February fell to less than a third of the year before, to HUF 33.1 billion (seasonally adjusted HUF 42.1 billion), the lowest point in more than six years, according to data from the National Bank of Hungary (MNB).

In an analysis, Bank360.hu said this can be explained by the fact that a 20-year loan of HUF 20 million can now be taken out with a repayment of HUF 178,000, while three years ago, it was only HUF 116,000.

The average loan cost index of home loans has been above 10% for quite some time, and the APRs of the cheapest loans are barely below that, it added.

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