Published: December 08 2023
The CSOK Plus in 2024 is expected to be a game-changer for homebuyers in Budapest, with up to 12-15 thousand applicants in the first year. This housing subsidy offers a maximum interest rate of 3% on supported mortgages, with the potential to receive up to 50 million HUF for families with three children. Additionally, the CSOK Plus can be combined with the Falusi CSOK and the Babaváró loan for even greater assistance. In this article, we will explore the key steps and considerations for preparing for the CSOK Plus in 2024.
Evaluating Your Housing Goals
Before taking advantage of the CSOK Plus, it is crucial to identify your housing goals. This includes assessing the available support options and bank financing. It is important to prioritize your housing needs over adjusting your desires to match the available support. The CSOK Plus can be used to purchase a used property, a new construction, or even to build your own home. However, it cannot be used for purchasing building plots. If combining the CSOK Plus with the Falusi CSOK on one of the preferred rural settlements, additional options include purchasing a used property and renovating/modernizing it, purchasing a new construction family house, or building your own family house.
Considerations for Future Family Planning
The maximum loan amount for the CSOK Plus depends on the number of children you plan to have. It is important to carefully consider and plan for your desired number of children. The maximum number of children a couple can commit to is determined by law:
- Couples without children can commit to a maximum of 3 children.
- Couples with one child can commit to a maximum of 2 children.
- Couples with two or more children cannot commit to more than 1 additional child.
However, it is not necessary to have more children than desired, as the existing children are also considered when determining the maximum loan amount. For example, committing to one additional child alongside two existing children can still make the family eligible for a supported loan of up to 50 million HUF. The fulfillment of the commitment to have children is defined as 4 years for one child, 8 years for two children, and 10 years for three children. It is acceptable if the birth occurs after the deadline has passed, as long as the pregnancy has reached 12 weeks.
Meeting the Eligibility Requirements
To determine the available housing subsidies you are eligible for, additional factors beyond child commitment and housing goals need to be considered. If you plan to combine multiple support options, you will need to meet the stricter eligibility requirements. It is advisable to assess these requirements in a timely manner and take necessary actions to ensure a successful application. For example, resolving any small outstanding debts or closing a current account credit line can be done to meet the eligibility requirements for the CSOK Plus, CSOK loan, or Babaváró loan.
Specific Requirements for CSOK Plus, Babaváró Loan, and Falusi CSOK in 2024
- CSOK Plus:
- Available for married couples.
- At least one member of the couple must have a continuous 2-year health insurance coverage.
- The wife must not have reached the age of 41. However, until the end of December 2025, couples can still receive the favorable loan with the wife being older, as long as the wife is pregnant or the pregnancy reaches 12 weeks. In this case, it is a requirement to be already expecting a baby.
- Both members of the couple must have no outstanding penalties.
- Meeting the bank's credit assessment requirements: sufficient documented income, at least 3 months of continuous employment, no negative credit history, at least 3 months of a banking relationship, etc.
- Babaváró Loan 2024:
- Available for married couples.
- From 2024 onwards, the wife must not have reached the age of 30. However, in 2024, the previous rules will apply if the wife is already pregnant or if the pregnancy has reached 12 weeks. Therefore, the age limit of 41 will still apply to women in the next year if the couple is already expecting a baby.
- At least one member of the couple must have a continuous 3-year health insurance coverage.
- Both members of the couple must have no outstanding penalties.
- Meeting the bank's credit assessment requirements: sufficient documented income, at least 3 months of continuous employment, no negative credit history, at least 3 months of a banking relationship, etc.
- Falusi CSOK 2024:
- Available for married couples, partners, and single parents raising their child.
- Marriage is required for households with existing children.
Questions & Answers
What is CSOK Plusz in Hungary? CSOK Plusz is a housing subsidy program in Hungary that provides low-interest loans for homebuyers. It is expected to be a game-changer for Budapest homebuyers in 2024.
How many applicants are expected for CSOK Plusz in the first year? It is estimated that there could be 12,000 to 15,000 applicants for CSOK Plusz in the first year.
Who are eligible to apply for CSOK Plusz? Hungarian citizens and foreign nationals who have been living in Hungary for at least 3 months as of 1 October 2022 are eligible to apply for CSOK Plusz.
What types of properties can be purchased with CSOK Plusz? With CSOK Plusz, you can purchase a used apartment or house, buy a new construction property, or build your own home. It is important to note that CSOK Plusz cannot be used for purchasing land for construction.
Can CSOK Plusz be combined with other housing subsidies? Yes, CSOK Plusz can be combined with the rural CSOK and Babaváró loans, which can provide even greater assistance to homebuyers.
How does the number of children affect the maximum loan amount for CSOK Plusz? The maximum loan amount for CSOK Plusz depends on the number of children the applicant is willing to have. The maximum number of children that can be pledged is legally determined.
What are the requirements to be eligible for CSOK Plusz? To be eligible for CSOK Plusz, married couples must provide proof of at least 2 years of continuous social security coverage. The wife must be under the age of 41, unless she is already pregnant and the fetus has reached the 12th week of pregnancy by the time of application.
What are the requirements for Babaváró hitel in 2024? To be eligible for Babaváró hitel in 2024, married couples must meet certain criteria such as the wife being under the age of 30. However, there will be a transitional period in 2024 where the old rules will apply if the wife is already pregnant or the fetus has reached the 12th week of pregnancy at the time of application.
Who can apply for Falusi CSOK in 2024? Married couples, partners, and single parents who already have children can apply for Falusi CSOK in 2024. It is a requirement to be married when pledging to have children.
What are some general requirements for housing subsidies in Hungary? In addition to the specific requirements for each subsidy program, there are general requirements such as having a clean criminal record, not having any outstanding debts exceeding 5,000 HUF, and meeting the bank's credit assessment criteria including having a sufficient income and employment history.
