Published: November 30 2023
In a recent government announcement, it was revealed that the Hungarian government plans to extend the mortgage interest suspension until 2024. This extension applies to various types of loans, including corporate loans for small and medium-sized enterprises, variable interest rate housing loans, and student loans.
Extension of Mortgage Interest Suspension for SME Loans
The government has decided to extend the mortgage interest suspension for corporate loans given to small and medium-sized enterprises until April 1, 2024. This extension is expected to benefit approximately 30,000 businesses, who will save a total of 303-35 billion Hungarian forints.
Extension of Mortgage Interest Suspension for Housing Loans
The suspension of mortgage interest for variable interest rate and maximum five-year interest period housing loans will be extended until July 1, 2024. This extension affects around 300,000 loan contracts, resulting in a savings of 160 billion Hungarian forints.
Extension of Mortgage Interest Suspension for Student Loans
The government has also decided to extend the mortgage interest suspension for student loans until July 1, 2024. This extension provides relief for students by allowing them to defer interest payments on their loans for an extended period.
Impact and Benefits of the Extension
The extension of the mortgage interest suspension provides significant financial relief for borrowers in Hungary. Businesses, homeowners, and students alike will benefit from the extension, with substantial savings expected. This measure aims to support the economy and alleviate financial burdens during these challenging times.
Questions & Answers
=== What is the latest update on mortgage interest suspension in Hungary? The Hungarian government has extended the mortgage interest suspension until 2024.
Which types of loans are eligible for the extended mortgage interest suspension? The extension applies to corporate loans provided to small and medium-sized enterprises (SMEs) until April 1, 2024, variable interest rate and maximum five-year interest period residential mortgage loans until July 1, 2024, and student loans until July 1, 2024.
How many SMEs will benefit from the extended interest suspension for corporate loans? The extended interest suspension for corporate loans will benefit around 30,000 SMEs, amounting to 303-35 billion forints.
How many contracts for residential mortgage loans will be affected by the extended interest suspension? Approximately 300,000 contracts for residential mortgage loans will be affected by the extension, resulting in a savings of 160 billion forints.
Is there a specific deadline for the extended mortgage interest suspension? Yes, the extended mortgage interest suspension for corporate loans will end on April 1, 2024, while for residential mortgage loans and student loans, it will end on July 1, 2024.
