One of the best solutions in the savings market is home savings savings guaranteeing over 10 percent yield. For a maturity of 46-49 months, HUF 1.2-1.3 million may accrue with state support.
Although the regulation of home savings savings is quite tight, there may still be significant differences in contract fees, for example, so before you start saving, look at the terms and conditions of different home savings plans and consider the maturity.
Combining housing savings with state subsidies for children, you can repay your home loan debt up to several years earlier.
repay your home loan debt up to several years earlier.” />
For nearly two decades, housing savings plans have been available on the Hungarian market, representing one of the best forms of housing savings, providing a 10-12 percent return, thanks to a 30 percent, up to $ 72,000 state subsidy. According to a recent analysis by Good Lender, there are currently four financial service providers offering mortgage savings plans , and although regulations and government support are fixed, there are still some differences that need to be considered.
Numbers, percentages, amounts
In the case of housing savings fund schemes, you can maximize your government support with a monthly payment of $ 20,000. One of the shortest maturities – in the case of 46-49 months – the amount of own contributions is HUF 920-980 thousand, plus the state subsidy of HUF 276-294 thousand and the deposit interest, so at the end of the maturity HUF 1.2-1.3 million they accumulate, representing an annual growth rate of 11-12 percent.
This is a very attractive yield in today’s low interest rate environment, and the amount accrued through the housing savings fund is considered to be interest-free.
What to pay attention to?
Good Finance, an expert at Good Lender, pointed out that the regulation of housing savings plans is quite strict, which facilitates the choice, but there may be differences between the offers. “There may be differences in the fee for signing a contract, and in the history of home savings there have been several 10,000 forints, up to 60-80 thousand forks, which can take away the annual state subsidy,” the expert said. Therefore, before launching a housing savings plan, it is worth looking through the market offerings, ”the expert said. He also pointed out that before starting a home savings plan, it is important to consider when savings will be needed, and it is worthwhile to determine the maturity, but this is not engraved, as it is possible to change the maturity on the fly.
Years can be shortened
In addition to the two-figure yields mentioned above, housing savings plans are also beneficial because they are predictable, the amount of monthly savings is fixed, and the savings can be used in many ways, such as modernization, home expansion, loan redemption. After that, you can also apply for a fixed-rate home loan from your savings bank. He also said about the replacement of home loans and their early repayments that details of the latest home support solution were released in mid-November, according to which the government will take over HUF 1-1 million from the family’s home loan debt for every third and newborn child. According to Good Finance, this could mean, for example, that in the case of a $ 50,000 home loan repayment, they could get rid of their debt 1.5-2 years earlier. The loan can be repaid even sooner if the home savings fund plans run alongside the loan, and this savings is used to reduce debt.