The National Bank of Hungary announced today that Good Finance Mortgage Bank Ltd. has been granted permission to use the term “qualified consumer friendly home loan” for its new loan product.
By doing so, the largest Hungarian bank announced its demand for low-cost and predictable credit-seeking consumers, and it was revealed that it would try to attract a large number of customers.
An Good Finance product has been certified and we will be able to borrow at a 10-year interest rate. Only products that meet the strict requirements of the National Bank of Hungary can receive the consumer-friendly recommendation:
The Good Finance Fix10 Qualified Consumer-Friendly Home Loan product is described as being used not only for purchase, but also for construction, land purchase and loan redemption. Minimum 5 million, maximum 50 million HUF can be claimed.
The management loan is saved because it is not charged by the bank and the bank also offers an interest rebate as part of its Loyalty Service. The conditions are:
If you meet the criteria, you can get an additional discount from half a percent to 2 percent. In addition, the bank does not charge a prepayment fee if the amount comes from Groupama Guarantee Life Insurance, in case of a loan redemption, when we take out debt settlement with Good Finance, or at the end of the interest period for a full prepayment if the interest rate adversely affects the customer. The bank also saves or halves the disbursement fee in the event that Good Finance does not meet the disbursement conditions or delays within two days.
The illustrated example shows that when buying a used home, the initial interest rate is 7.30 percent and the APR is 8% for a $ 5 million home loan with a maturity of 20 years.
However, these are sure to be followed by others, so we are sticking to our suggestion so far: whoever wants to take out a home loan should wait a bit for what other banks are going to do, because at any time a better offer may fall.
Even though it seems like a great idea to buy a home with infinitely cheap mortgages, with a little patience until the fall, you can save even more if other competitors appear.