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Fundamenta-Lakaskassza new home savings contracts climb 23%

Fundamenta-Lakaskassza signed new home savings contracts worth HUF 307bn in January-November, 23% more than in the same period a year earlier, the home savings bank told MTI.

Fundamenta-Lakaskassza took a 60% market share in terms of new contracts during the period.

The bank targeted home loan layouts of HUF 30bn at the beginning of the year, but a rush to take advantage of a government scheme allowing early repayment of foreign currency-denominated mortgages at discounted exchange rates boosted lending by year-end. Excluding layouts to borrowers who used the loans to repay forex mortgages from other lenders, layouts came to HUF 36.4bn, 24% more than in the previous year. Including these loans, layouts rose 46% to HUF 43.7bn.

The deadline for declaring participation in the early repayment scheme was the end of December.

Fundamenta-Lakaskassza’s layouts to cover the forex mortgage repayments accounted for 12% of the total granted by Hungarian lenders to borrowers participating in the scheme. In value terms, its share came to 7.5%.

The layouts boosted the bank’s share of Hungary’s home loan market to 18% at the end of November, up from 4.9% a year earlier.

The ratio of Fundamenta-Lakaskassza’s stock of loans on which payments are past 60 days due is 3.43%, well under the market average, the bank said.