According to the new regulation, from July 1, 2019, the so-called “baby-waiting loan”, which is a very beneficial option for young families with children, will be available.
The type of loan is free-of-charge and can be used for anything, such as buying a home, renovating or traveling around the world. There is a situation where the credit may or may not be obtained, or even if it is granted, the originally free construction can become very expensive afterward.
What is the purpose of the loan?
The basic purpose of baby support is to stimulate the desire to have children and to increase the number of babies born! Every contract, even if not fulfilled, changes its terms.
Let’s see what can be an obstacle to fulfillment!
The “Baby Waiting Loan” is expected to come into effect on July 1, 2019, so only a child born after that time or a baby at least 12 weeks old will be born.
“For the first child, the repayment of the interest-free loan is suspended for 3 years, while for the second child, the repayment is suspended, plus 30% of the outstanding debt. And the third child is discharged of any remaining debt. “
With this type of loan, the contract can be concluded until December 31, 2022, and arriving children can arrive after July 1, 2019, and there is also the possibility of repayment, suspension and loan forgiveness!
What if the baby doesn’t come in 5 years?
If no baby is born within 5 years, the interest subsidy earned so far must be repaid in one lump sum! Our credit turns into a more expensive loan at market rates for the rest of the time. Even if there is a medical justification for the health problem, the loan will still have to be repaid, with market interest, but it is fair to cancel the interest subsidy in installments.
One of the defining requirements for a baby loan is that the wife must be between the ages of 18 and 41 at the time of filing, and the husband is not subject to such a restriction.
Divorce during the term?
The same applies in this case as if a baby is not born, so it has to be repaid in a lump sum as a market loan. The maximum maturity is 20 years, so don’t take the risk!
Is one of the parties on the negative KHR list?
People on this list can’t get a baby loan! This will not be the solution for them!
If the address of the spouses is foreign, there is no Hungarian.
One of the important prerequisites for a baby loan is that the claimant must be resident in Hungary. Obviously, during the term, it cannot be the case that none of the members of the couple have their Hungarian address! The interest subsidy will be terminated, and the subsidy so far recovered shall be repaid in one lump sum within 120 days, if any.
If a member of the couple dies suddenly within 5 years of disbursement, the loan becomes marketable six months later and the benefit is not repayable. If the widow remarries within these 5 years, the grace period will begin again.
If you have a baby home and need a home loan, call our credit broker to help you make the right decision!