Many people are asking us what to do now. They want to buy an apartment or house, and they may have already found the ideal property.
However, they are not yet able to apply for the Baby Waiting Loan, as it will only be available from July 1, 2019. Wait or act? It is an interesting question, which is why we will answer it a little more.
In short, the baby loan
This is an option that will be available between July 1, 2019 and December 31, 2022. You can take out an interest-free loan that does not require real estate collateral. Both the interest and the guarantee are assumed by the state. This requires that a child be born within 5 years. If this does not happen, we will have to pay back the interest (at the rate of one-off !!), and the loan will also become marketable.
However, after the first child, there is no need to repay the loan for 3 years, the same after the birth of 2 children, and almost one third (30%) of our outstanding debt is released. Moreover, when the third child arrives, our entire debt becomes null and void. Based on this, you may want to wait. Or not?
Because this loan is obviously cheaper than a market loan. A quick calculation with the credit.com calculator and you can see it. A 20-year $ 10 million loan can cost up to HUF 66,000 a month, while in the case of a Baby Waiting Loan we cannot repay more than $ 50,000.
Why not wait?
Because what happens if you take the real estate out of your sight for at least 2 months. Finding a real estate like the one you fall in love with again is very difficult.
Plus, if you are borrowing now, you can apply for the Baby Waiting Loan later! And, as we’ve written in this article , you can put a down payment on your home loan. That way, you won’t miss out on your new home you’ve just found. All you have to do is pay attention to your income.
If you would like to make borrowing easier with these kinds of ideas, contact us! We will help with any such issues.