Takarék Group mortgage outlays reach HUF 95 bln

Sustainability

Takarék Group, comprising among others twelve savings cooperatives, two regional banks and Takarék Commercial Bank, raised its mortgage outlays last year by 35% to HUF 95 billion, the group told state news wire MTI on Wednesday.

Takarék Group had a 10% market share in mortgage outlays in 2018. The saving cooperatives performed better than the market average as mortgage outlays rose by 29.6% last year.

By the end of 2018, total outlays of the group stood at HUF 389.4 bln. Clients on average asked for HUF 12 million for a mortgage loan, up from a HUF 5.7 mln average in 2016. Most outlays were for fixed-interest contracts with terms of 15-20 years.

Outlays were boosted by the governmentʼs Home Purchase Subsidy Scheme for Families with Children, known by its Hungarian acronym "CSOK." Between 2016 and 2018, subsidized mortgage outlays of the group reached HUF 50.5 bln.

In 2018, around 27% of CSOK loans were for purchasing new homes and 73% were for buying resale homes. The average CSOK loan, taking into account all types and categories, was HUF 2.9 mln.

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