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Spring is a good time for people to buy homes. Nor does it deter anyone from buying real estate prices soaring. What’s more for home buyers, though, is the low mortgage rate. Home mortgage rates have never been as low as they are today. Buying a property also requires self-sufficiency. If you think about your home purchase plans ahead of time and start collecting money in time, for example, you can start buying a home with a very small amount of savings and government support. You can use this money as a self-help.


What is the benefit of home saving?

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The big advantage of apartment saving is that it has a non-refundable 30% state subsidy per year, which cannot be more than 72 thousand HUF. The good news is that you can multiply this $ 10,000 if you think you have little to spare. Therefore, in return, all you have to do is close to a close relative on behalf of a home saving contract. You can sign as many contracts as you want, the point being that the direct relatives can be the beneficiaries.

Who is considered a direct relative?

  • grandmother
  • grandfather
  • father
  • maternal
  • brother
  • spouse
  • child
  • grandchild

Another big benefit of saving a home is that if you enter into multiple contracts, you can achieve your housing goal at a lower cost because you can set off your own savings and get a loan at a cheaper rate than market rates.


What You Need to Know About a Home Savings Contract

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The first and most important thing to know about this is that there are two people in the LTP contract.

There are two parties to a home savings contract:

  • contractor (who concludes the contract)
  • beneficiary (who uses the money)

It is important to clarify some thoughts about the two people. The contractor can decide whether or not to designate a beneficiary. If you do not designate a beneficiary, you will be the beneficiary itself, ie you can use the State aid in your own name. By law, one contract can be concluded by one person, but the beneficiaries must be different. And the rule that applies to them, as mentioned above, is that they can only be a close relative (this includes an adoptive parent, step-parent or foster parent). A further condition for beneficiaries is that they may not be the beneficiaries of two home savings contracts at the same time.


How can multiple state aid be obtained?

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The maximum amount that can be deposited in an apartment savings is 20 thousand HUF per month. If you want to save more per month, you need to save more for your home with different beneficiaries. After the maturity date, the beneficiary can decide what to use the money for. You can use it for your own home, or you can offer it to a close relative, of course, for home use only. So, if you pay for all your home savings, the family members you have designated as a beneficiary can offer you the savings. This way, you will not only receive one year’s worth of HUF 72,000, but also as many contracts as you have. For two contracts this amounts to 144 thousand forints, for three contracts 216 thousand, for four 288 thousand and so on.

If you can, you might want to sign multiple contracts because this is not a typical return on other savings. What is important to know in this regard is that payments must be taken very strictly, and they should not be missed, as only state payments are eligible for monthly payments.