The MNB recently rolled out the consumer-friendly home loan certification to counter high interest margins and a low rate of borrower refinancing. Lenders have been able to apply for the certification since June 1.
In addition to UniCredit Bank, products offered by CIB Bank, Raiffeisen, OTP Mortgage Bank, MKB Bank, K&H, Erste, FHB Commercial Bank and 50 members of Hungaryʼs integrated savings cooperatives have been certified.
To become certified, banks must cap their home loan lending margins at 350 bps, origination fees at 0.75% or HUF 150,000, and early repayment fees at 1% or, in the case of repayment from home savings bank accounts, 0%. Lenders must also make potential borrowers an irrevocable loan offer when they inquire at a branch.
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