Hungary's New Otthon Start Housing Loan Program: Key Changes and Surprises Revealed

Budapest, Hungary – The recently unveiled Otthon Start Program regulation has brought notable changes to Hungary's housing loan landscape, according to financial expert Várkonyi Ádám. The new rules, which deviate from earlier drafts, introduce specific conditions for property eligibility and co-borrower requirements. One significant surprise, as highlighted by Ádám, is that the loan is exclusively available for apartments and single-family residential buildings. It explicitly excludes fractional ownership, meaning properties like twin houses or row houses that are not registered as condominium apartments but as undivided common property are not eligible. "This might be an attempt by the legislator to curb certain construction practices," Ádám noted, expressing hope for a potential correction by September. A second key change concerns co-borrowers. While non-parent or non-spouse co-borrowers must meet all property and social security (TB) requirements, parents acting as co-borrowers are exempt from these specific criteria. This adjustment could significantly broaden access to the loan for many families. The Otthon Start Program offers a fixed 3% interest rate for 25 years, with a maximum loan amount of 50 million HUF. The maximum purchase price or construction cost is capped at 150 million HUF for family houses and 100 million HUF for apartments, both subject to a 1.5 million HUF per square meter limit. Applicants must demonstrate two years of social security contributions, with foreign contributions accepted if the applicant has a Hungarian address and commutes from Hungary. Property transfer tax generally applies, but can be waived if combined with other government support schemes like CSOK Plus or Rural CSOK. Crucially, the program does not require applicants to have children or be married, and there are no age restrictions. Properties acquired through the program can be rented out after a five-year period, making it a viable option for investment. "This is a good support," Ádám concluded, emphasizing its flexibility for various housing needs.

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