Habitat for Humanity, good.bee and Erste Bank Hungary have developed a home renovation credit facility for families living around subsistence level, country manager for Habitat György Sümeghy said in Miskolc.
About 900,000 Hungarians live in households where the cost of housing eats up 40 or more of the family's income, Sümeghy said. The credit facility gives these people access to money to renovate their homes, he added.
The facility is offered without collateral as a quasi-personal loan. It has an annual interest rate of 16.5% and a maturity up to 60 months. Borrowers may take out HUF 200,000-750,000 with the facility.
The facility is initially being offered to 150 families, but the number could reach the thousands, Sümeghy said.