József Argyelán said a property market “boom” was expected when lenders started accepting applications for the 3% home loans.
He added that the preferential rate was less than half of the 6.5%-7% market rate at present.
Under the scheme, announced a month earlier, first-time home buyers who have paid their social security dues for at least two years may borrow up to HUF 50 mln.
Price caps for eligibility, of HUF 100 mln for flats in multi-dwelling units and HUF 150 mln for detached homes, are expected to mitigate the scheme’s impact on market prices.
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