Over 29,000 borrowers repay FX mortgages into first four weeks of scheme
Data published by financial market regulator PSZÁF show that 29,427 borrowers availed of an early forex mortgage repayment scheme at discounted exchange rates between September 29, when the scheme was launched, and the end of October.
The repayments came to HUF 130.6bn at the scheme’s discounted exchange rate and HUF 174.8bn at current exchange rates. Banks must cover the difference.
Banks signed 485 forint loan contracts for a combined HUF 2.27bn with clients who used the credit to repay their forex loans.
Borrowers must apply to join the scheme by the end of 2011. They must complete repayment, in full, within 60 days after submission of the application.
Borrowers with Swiss franc-denominated mortgages, earlier the most popular retail lending product in Hungary, may make full repayment at a HUF/CHF rate of 180, well under the 247.4 market rate late in the morning on Tuesday.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.