Starting October 1, the use of Hungary’s family home construction loans, known as CSOK, will become even easier, Zsófia Koncz, the state secretary responsible for families at the Ministry of Culture and Innovation, announced on Facebook, reports Magyar Nemzet.
She emphasized that the “CSOK Plus” and “Village CSOK” loans, as well as the “baby-welcoming” loan, mean significant relief for self-employed individuals and primary agricultural producers who use special tax vehicles. One of the most important changes is that instead of the previous 10 and 20 percent, banks will now have to take 50 percent of income into account as income when assessing applicants.
Koncz says this means that “they can get their own home much easier and faster with the state-subsidized CSOK Plus loan of up to HUF 15, 30, or 50 million; moreover, instead of the previously expected two or three years, proof of one year of state health insurance coverage will be sufficient for the application.
This move opens the way for many families to receive home loans who have not previously been able to meet the conditions.
“I am confident that these changes will help tens of thousands of families to build their homes,” she said.
Koncz also posted a video where she is talking with a farming family who have already used the baby-welcoming loan. She tells them that the government offers 30 types of family support, many of which can be used to build or expand a home. The family has a third child on the way, so they are thinking about expanding their house, in which case they can opt for the Village CSOK, explained the state secretary. She added that in the case of three children, they can also receive a non-refundable subsidy of HUF 7.5 million, as well as a tax refund of up to HUF 5 million.
