Hungary Introduces "Otthon Start" Program: A New Era for Homeownership with Fixed 3% Loans

Budapest, Hungary – The Hungarian government has announced the launch of its new 'Otthon Start Program' (Home Start Program) on September 1st, aiming to make homeownership more accessible for first-time buyers. The program, detailed by Gulyás Gergely and State Secretary Panyi Miklós, offers a fixed 3% interest rate loan for a 25-year term.A key feature of the 'Otthon Start Program' is its relaxed eligibility criteria compared to previous schemes. 'There are no marriage commitments, no child-rearing commitments, and no age limits,' stated Gulyás Gergely. Eligibility extends to individuals who do not currently own property, or those with a partial ownership of less than 50%, or properties valued under 15 million HUF.The program is designed to significantly reduce monthly repayment burdens. For instance, a 20 million HUF loan under 'Otthon Start' would result in monthly payments approximately 60,000 HUF lower than current market rates. This fixed, predictable interest rate is highlighted as a major advantage, offering stability over 25 years.Economically, the government anticipates a substantial boost to the new housing market and the construction industry. 'This will clearly stimulate the new housing market,' Panyi Miklós noted, projecting an increase of at least 10,000 new housing units annually. This growth is expected to create jobs, generate tax revenue, and contribute to overall economic growth.Furthermore, the program includes price caps for properties: 150 million HUF for houses and 100 million HUF for apartments, with a maximum gross price of 1.5 million HUF per square meter for new constructions. This measure aims to prevent an uncontrolled surge in property prices.The 'Otthon Start Program' can also be combined with existing family support schemes like CSOK Plus and rural CSOK, with adjustments to their regulations to ensure seamless integration. The government expresses confidence that this initiative will open up opportunities for many young people to acquire their first home, while also positively impacting the rental market by increasing overall housing supply.

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