Expensive homes need a CSOK-backed loan!
The Family Loan Discount Loan is now creating more favorable conditions for families with many children, earning and paying.
We also show that families looking for a home in Budapest and the countryside must meet many conditions in order to qualify for a subsidized loan.
Due to floor space requirements and soaring prices of newly built homes, they can only achieve their real estate purchase needs at bargain prices.
This makes it even alive, exists and can be availed of in the event of compliance.
2017 was the dream of every CSOK claimant. The amount was 70 billion, which was outsourced, which represented 29,100 CSOK claims.
In 2016, the average amount of subsidies received per family was HUF 2.3 million. This average includes a 10 million new home loan and a minimum of $ 600,000 available.
Looking at the number of pieces for subsidized loans
- used home for 58%,
- while 40% was spent on newbuilding
- the remaining 2% went to expansion only
The ratio is different because it was won by newly built homes, accounting for 65%. Of course, because of high housing prices and because we can get more for new homes than children.
Lump sum per apartment
- used housing was HUF 1.4 million,
- HUF 3 million for the construction of the new apartment,
- while HUF 6.2 million when buying a new home.
During one year, the number of CSOK claims increased significantly, by 40% and the amount of disbursements by 48%.
Let’s repeat the terms because in the current real estate situation you will need more CSOK than ever.
Because two months ago, there was a change in the legislation that would improve access to CSOK and make it easier and faster for families to get a subsidized loan.
- this is served by the introduction of the principle of declarations, which can replace and reduce administrative processes.
- prices on the real estate market have risen so much that it is too expensive to buy an apartment of the size required by law.
- however, the CSOK also plays a big role in this, as it has increased or even surpassed the prices of homes for sale. The prices of real estate suitable for large families have increased the most every day.
If you are trying to get an apartment and have a family or want a family, CSOK is the right help.
- The amount of non-refundable subsidy for second-hand homes varies between 600,000 and 2.75 million HUF depending on the number of children.
- The subsidy amount for a new home starts at 600 thousand HUF, but for 3 children the available subsidy is already 10 million HUF.
- And here’s another favorite, the $ 10 million subsidy is supplemented by a state-subsidized home loan, the CSOK’s $ 10 + 10 million. One of the 10 million is the CSOK non-refundable grant, while the other 10 million is the preferential home loan. The amount of state support for the second 10 million is so favorable that the interest rate on the loan will be fixed at 3% over the entire term.
There is no better fixed rate home loan today on the domestic market
The number of children is very important, the bigger the family, the bigger the apartment is! For 3 children, a minimum of 60 sqm is a newly built mooring, which today is approximately 42 million items. It is in vain to have 10 + 10 if you need 22 million more to buy a home.
Self-sufficiency is at least 20% of the home loan that has to be paid up as self-sufficiency. The self-sufficiency of the 42 million HUF of the previous 60 sqm flat is 8.4 million HUF, too.
Adding the non-refundable subsidy and our $ 10 million soft loan, we still have $ 13.6 million left over from free market credit.
What’s very good about CSOK is that we can account for child support as self-sufficiency, so if that amount is missing, we can replace it with this benefit.
The CSOK restrictions:
- the apartment purchased from the CSOK must live in a lifestyle.
- in the case of an advance CSOK, the number of children undertaken shall be met, otherwise the loan shall be repaid in variable amounts but also in arrears.
- if we sell an apartment purchased with a CSOK and move to a new apartment, the subsidy will be temporarily paid to the treasury, which we will get back later.
All in all, this is a brilliant subsidized loan that will help families get a home they can’t do otherwise!
All information on the new family home improvement discount, CSOK 10 + 10, and home loans are available in one place upon request. We answer individual cases, explore the most important practical issues, and help to adjust to the new conditions of CSOK.