MFB raises preferential credit cap for farmland purchases

MNB

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The Hungarian Development Bank (MFB), acting on a government decision, will raise the cap of its preferential loan program for the purchase of state-owned land by local farmers by HUF 100 billion to HUF 250 bln, the bank said yesterday.

State-owned farmland auctions will resume today, and larger demand is expected as more land will be offered up for sale in addition to land which was not sold in 2015, the bank said. 

Loan conditions will remain unchanged. The 20-year loans will have a fixed rate of 1.95% for the first ten years and a rate of around 2% in the second ten-year period.

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