In just a few hours, the Home Start Program will launch, opening the opportunity for tens of thousands of young people to acquire their first home. The Fixed 3 per cent credit scheme offers meaningful support for young people, helping them to move from their parents’ house or from rental apartments into their first own home, wrote Miklos Panyi, Parliamentary and Strategic State Secretary of the Prime Minister’s Office, in his latest Facebook post.
The low interest rate means monthly installments that are 30–40 percent lower than market loans, allowing monthly savings of tens of thousands or even up to a hundred thousand forints. In many cases, the monthly repayment will be lower than the rent.
The required 10 percent down payment helps ensure that even young people with only a modest amount of savings can participate in the program. The opportunities and benefits, however, go beyond this. The loan can be combined with other subsidized housing and youth support programs, such as the Baby Loan, the Workers' Loan, the Rural Csok, and Csok Plus. These subsidies can help young people both in gathering the required down payment and in receiving additional significant benefits, Panyi Miklos wrote.
The Home Start Program is Europe’s strongest home creation program aimed at young people. With the fixed 3 percent loan, every young person has the chance to take a big step forward—leaving their parents’ home earlier and buying their first own apartment instead of renting.
While the opposition is working on tax hikes, we are launching the largest home creation program since the regime change.
While the opposition would take away tens of thousands of forints per month through higher income taxes, we are starting a first-home program that means monthly savings of up to a hundred thousand forints, noted Miklos Panyi.
