The primary purpose of our site is to provide all possible support to those who want to borrow, especially home loans. We have come to the conclusion that impeccable calculators, in spite of not explaining one or two important things beside them. Now we’ll talk about them, hold on to us!
Creditworthiness is important
Unfortunately, there are many people who turn to us who want to add home loans while they are on the KHR list (formerly known as BAR). Hungarian legislation does not allow them to get credit. In this case, the debt must be repaid first, and only then can the housing loans come into play. We have no loophole for this, as no one does.
It is important to know that the whole of our salary (as a matter of course) cannot be used to cancel credit. This is a completely lifelike regulation that has been so long since. Currently, this is called JTM regulation, which is a number that shows how much home loan repayment can be made based on our income on a monthly basis.
Its size depends largely on what kind of home loan we take, exactly how much interest period we choose. Currently, the income limit is set at 400,000 forints, but will be 500,000 forints from 01.07.2019.
If our net income is less than 400,000 forints, we can spend 25% on loans over 5 years, 35 percent between 5 and 10, and 50 percent over 10 years.
However, if we search for t9b, then these numbers jump to 30%, 40%, and 60%.
A short example : Take a loan with a 6-year interest period! If we have 380 thousand forints of certified net income, then we can buy up to 35 percent of this, ie a loan with a monthly repayment of HUF 133,000. If, however, our net earnings are 420 thousand forints, then 40 percent, or 420,000 forints * 40% = 168,000 forints .
What is this interest period?
In the previous block, we have mentioned a certain period of interest. And actually this is perhaps the most important feature of a loan right now. This term refers to the period of time our home loan interest rate does not change, and thus our monthly repayment. As we can see, the Magyar Nemzeti Bank directs the population towards fixed-term loans over a longer period of time. For such loans, we can spend a higher percentage of our income on repayment.
It is hard to know that fixed loans generally have a higher monthly installment than floating-rate home loans. And how do we know that? Well, from Basic’s calculator.
When we start thinking about credit, the first thing we need to do is find the Basic calculator and count on it. We can set almost everything we need. In addition, he draws our attention to a number of curiosities that we wouldn’t think of at first. In addition, these facts can usually save us a lot of money.
Looking back for a moment, let’s look at the differences between the loans of a particular bank for the interest period. Calculating a 15 million for 20 year loan, the first offer for a 6-month interest period is HUF 89,094 for the Bank of Loan Bank. Likewise, if we choose a 10-year interest period at Loan Bank, it will cost you HUF 92,361 a month.
In addition, the calculator, of course, also highlights a number of other differences that may seem strange at first, but these can be explained to you by the experts. And so you’ll find the home loan you really do best. No other business to do, just calculate one and contact us! We will help you according to our best knowledge.