Foreign currency loans: The Mansion is expected to make a unity decision on Monday

On Monday morning, the Mansion Legal Affairs Council will meet to decide on some issues related to the unfairness of foreign currency loans, including exchange rate margins, exchange rate risk and unilateral contract modification. A press conference on the mansion is expected to take place early in the afternoon.

Consumer loan agreement is unfair

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The Unity Council will have to take a position on whether an FX-based consumer loan agreement is unfair because the consumer bears, without limitation at a more favorable rate of interest, exchange rate risk, the fluctuation of the underlying foreign exchange forint appreciation or depreciation.

Financial institution on exchange rate risk

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The Courts are also expected to decide whether misleading, inconsistent, inaccurate information provided by the financial institution on exchange rate risk could result in unfair terms in the contract relating to exchange rate risk due to lack of transparency.

It should also be decided when a contractual term allowing unilateral contract modification fulfills the requirement of transparency, and whether the use of a margin – a lower purchase price at the time of disbursement of the loan but a higher sale rate at the time of repayment – should be considered as unfair. what is the legal consequence.

Banks should unilaterally adjust the interest rate to the detriment of the debtor

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The issues that were on the agenda in the Unity Procedure to further develop the jurisprudence were already raised in part by the December 2010 Unity Procedure on Foreign Currency Loans, but they were not resolved at that time.
Prime Minister Arthur Oban told Golden Radio on November 22 last year that he hoped that the judiciary would take a position on foreign currency loans as soon as possible. The prime minister then said that since banks had all the expertise and strength of debtors at the time of granting the loan, “we would like to know whether, according to justice, banks should not bear, as dictated by common sense, exchange rate losses.” Another issue in which the government is waiting for a resolution on whether banks should unilaterally adjust the interest rate to the detriment of the debtor.

Arthur Oban also commented that he could not influence the court, but he trusts a quick decision because he thinks it would have been “too late yesterday”.
The mansion announced a day earlier that there would be a unitary procedure. On the motion of William Gooding, the head of the Civic College, John Brak, President of the Mansion, convened a meeting of the Unity Council on December 16, consisting largely of the judges of Good Finance Civic College, with John Brak as its President.
In its December 16 uniformity decision, Good Finance said, among other things, that a foreign currency loan agreement alone is not in breach of law or morality, nor is it a usury or a sham contract because of the exchange rate risk borne by the debtor. Namely, foreign currency-based loan contracts are contracts in which the borrower borrows in foreign currency at a more favorable interest rate than the prevailing forint loan in the given period, and consequently bears the effects of changes in exchange rates.

According to the December decision, the unforeseen unilateral shift in the contractual burden following the conclusion of the contract cannot be assessed as invalid. At the same time, the information obligation of a financial institution should cover the possibility and consequences of changes in exchange rates.
The decision also stated that the main aim should be to validate the contract. If the court finds any provision of the contract invalid but can be performed without it, the invalid clause will not have legal effect and the contract will otherwise bind the parties on unchanged terms.

Exchange rate margin would give financial institutions unpaid revenue

Exchange rate margin would give financial institutions unpaid revenue

On June 3, the Good Finance, in an individual case, in a civil lawsuit filed by the Ryan couple against OTP, declared unfair and invalid the contractual provisions governing the exchange rate, which should be replaced by the official exchange rate of the National Bank of Hungary. Otherwise, the contract at issue shall remain in force.
Good Finance reasoned that the exchange rate margin would give financial institutions unpaid revenue and consumers a cost which would be unfair. In addition, the exchange rate clauses of the contract at issue cannot be followed by the average consumer and the customer has difficulty in understanding his obligations.

At a press conference following the Ryan’s ruling on the Ryan case, William Gooding said that the share of the exchange rate margin is not a significant proportion of foreign currency loan contracts, usually at only 1-2 percent.
On November 29 last year, the government asked the Constitutional Court for a legal interpretation on foreign currency loans. His motion essentially raised the issue of the unconstitutionality of foreign currency-denominated contracts and their subsequent legislative changes, including the transfer of exchange rate risk to debtors, unilateral creditors’ interest rate increases and exchange rate margins.

On March 17, Ab stated that the law may amend previously concluded contracts, but in this case too, the fair interests of all parties must be taken into account. It is the duty and responsibility of the legislator to decide where to intervene.
Michael Vargas, Minister of National Economy, said in early June that after court decisions were made, the government was ready to revisit the issue of foreign currency loans. It is in everyone’s interest to find a solution that really helps foreign currency creditors, while not jeopardizing the normal functioning of the banking system, he added.

Entrepreneur Loan – Money is a Success Criterion | Business Loan

The founding and operation of a company not only requires strategy, know-how and effort, but in particular also requires a sufficient funding cover. Intrasavings bank supports start-up entrepreneurs, freelancers and companies with entrepreneurial loans and finances investments, operating resources, land and buildings as well as machinery, equipment and many other assets. Consulting services and even first trade fair participations are also supported by the bank.

Loans for companies

Loans for companies

The program covers up to 100% of the eligible costs and is aimed at a broad clientele: there is no minimum amount; the maximum amount of the loan is 10 million usd, whereby the entrepreneur loan can be combined with the funds from other programs. Loans to companies that have been active in the market for at least two years are provided by Intrasavings bank with a 50% indemnity for the in-house bank. The collateral must be agreed individually with the respective institution.

Entrepreneur Loan 

Entrepreneur Loan 

The Intrasavings bank Entrepreneur Loan is geared specifically to the needs of entrepreneurial activity and can be designed with flexible terms of up to twenty years, with redemption free up to three years after disbursement. Final loans are also available; here the maximum term is twelve years. The loans with a term of two decades are designed only for investments in land purchase or commercial construction costs and the acquisition of shareholdings.

Disbursement is 96%, fixed interest is agreed for repayment loans up to a term of ten years and final loans for the entire duration of the commitments, for longer programs either for a period of ten years or the entire duration, Special repayments are possible at any time during the first fixed interest rate.

The loan interest rates for the program are not uniform, but are subdivided into seven categories according to the applicant’s creditworthiness. For a ten-year loan, two grace periods, and a ten-year fixed interest rate, the cheapest category will have 5.55 percent interest effectively and 8.63 percent in the most expensive category.

The Intrasavings bank Entrepreneur Loan is suitable for a variety of purposes; From small business foundations in the service sector to larger engagements in SMEs, a broad clientele is covered. The program results from the political will to simplify business start-ups and thereby set positive impulses for growth and employment of the economy.

Used Home Loan

A mortgage loan is a mortgage or real estate loan that can help you claim more money from financial institutions. In such cases, the loans taken are usually used for whatever purpose you want, so you can buy an apartment, a car, or start your own business. In most cases, the amount of credit is determined by the value of the property being offered as collateral.

New home purchase loans

New home purchase loans

Mortgage loans can include types of loans such as new home purchase loans, used home purchase loans, home construction, extension, modernization or renovation loans, and free use loans, but also debt settlement loans.

Since all Hungarian financial institutions work with personalized mortgages, which are always determined by the value of the real estate offered, it is worthwhile to look closely at the banks offering mortgages, as it does not matter at what time and at what price.

A mortgage can be cheap because there are differences between them. When Can a Mortgage Loan Be Cheap? First of all, if it provides the debtor with a long-term repayment opportunity, or if the monthly repayment installments remain fixed over the long term, but at least show only a slight increase. The client is well-known if he / she knows in advance that the installment payment for the given month will be the same the next time.

Real estate collateral to the bank when taking out a mortgage loan

Real estate collateral to the bank when taking out a mortgage loan

Since we offer a real estate collateral to the bank when taking out a mortgage loan, most domestic financial institutions can easily obtain this type of loan, because in such cases the credit assessment is simple and even KHR listed clients can obtain money without having to purchase various papers.

Good Finance Friendly Home Loan

Good Finance Friendly Home Loan

The Good Finance-Friendly Home Loan is a MNB certification that introduces a standardized and transparent set of home loan terms and conditions that will make loan structures easier to compare.

The “qualified” category means that the product is marketed in the tender system established by the National Bank of Hungary and the central bank verifies compliance with the tender conditions. The rating is “consumer friendly” because it offers different services to consumers on the one hand and predictability on the other.

Predictability and consumer friendly services. An example of such services is that the financial institution takes over the burden of such land administration, if the consumer so requests. The Good Finance Friendly Home Loan guarantees predictability, as specific deadlines are available to the financial institution for each decision. Disbursements must be made within two business days of qualifying, and credit assessments must be made within 15 days of the completion of the appraisal of the property.

Consumer friendly loan features

  • Only repayments in which the monthly installment installments are equal (annuity repayments) are allowed.
  • The interest period may be 5, 10, 15 years or interest rate fixation up to the end of the term is required.
  • The payout deadline is 2 business days after the fulfillment of the payout conditions.
  • Disbursement fee: maximum 0.75% of the loan amount, but not more than HUF 150 thousand.
  • The interest period may be 5, 10, 15 years or interest rate fixation up to the end of the term is required.
  • The interest mark-up on the creditor’s reference value shall not exceed 3,5 percentage points.
  • The prepayment fee shall not exceed 1% of the prepaid amount, and up to the amount of the contractual savings, the related government subsidy and the interest credited on the savings account deposit shall be free of charge.
  • The credit assessment deadline is a maximum of 15 business days from the availability of the valuation.
  • Until disbursement and prepayment fees are capped.

Loan Repayment

In today’s article we will write about a very important thing. This is probably the biggest difference between an average loan and a cheap loan. In fact, this is the only way you can make cheap credit even cheaper. The key is to take advantage of the options offered by the banks and take advantage of early repayment. We’ll show you how.

First, you need a loan

First, you need a loan

This is a subject specifically that almost screams that we need accurate calculations. We thought we would show you how much you can win with a prepayment, and also the huge difference between an average loan and a cheap loan plus a prepaid “combo”. As usual, let’s call on the mortgage loan calculator , and calculate a 25-year $ 17 million loan!

The cheapest offer is Good Finance Business Home Loans – Starting Fees, K2 Category Loans. Here you have to pay back HUF 72,019 per month and THM at 2.36%. We will refund you a total of $ 22,713,990.

In the middle of the list, say, Sberbank’s Market- Based Home Mortgage is for $ 84,911 per month. The APR is $ 3,775 and the total repayment is $ 26,513,377.

Below you will find the 5-year Goodbank Market Forward Home Loan Agreement. At a rate of 5.85 percent APR, the bank expects us to pay HUF 104,492 per month and a total of HUF 32,636,620.

As we can see, the differences between the cheapest loans are 3.8 million forints and 9.9 million forints. Now come the loan prepayment!

That’s why it’s worth it!

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Let’s say we have $ 100,000 a month for this project. That is why, with the cheapest loan, we are left with $ 28,000 a month, which we set aside for, say, 10 years. After a quick head count it is 10 * 12 * 28,000 = 3,360,000 HUF. Let’s say that, with profits, it should be $ 4.5 million. And then let’s calculate what happens if we put this $ 4.5 million into our credit after 10 years.

At this point, our current capital debt is around HUF 11,423,350. After the prepayment it will decrease to HUF 6,870,743. If we continue to pay only the bank loan repayment (HUF 72,019), we will credit you for a total of 222 months instead of the original 300 months (25 years).

And then let’s sum it up a bit! In the case of a K & H loan from a smooth fund, we would have repaid $ 22,713,990. If we commit to paying $ 100,000 a month for a total of 10 years, we can prepay. So we pay a total of 120 * 100,000 = 12 million forints, and then for another 102 months, we pay 72 thousand forints, which is a total of 19,344,000 forints.

That is, compared to the original loan we saved HUF 3.4 million. That’s why it’s an obvious amount. If we compare this to the Sberbank credit in the middle of the list, we can keep even more. Here it stands at 26,513,377 forints versus 19,344,000 forints. You see, here you are 7.1-7.2 million HUF the better you are.

But the biggest hit is coming now

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There is such a big difference between the calculator’s most recent loan (the interest period is much higher here) and the loan prepayment solution we have described, which we are afraid to describe. J 32,636,620 – 19,344,000 = $ 17,929,620. It costs almost twice as much.

It is important to clarify that the purpose of this tutorial was to show you the benefits of early repayment. And how important the credit calculator used it. If you are convinced by the numbers, contact us! We, too, will find the ideal solution for you.

Loan Mortgage Calculator

A mortgage loan is a mortgage or real estate loan that can help you claim more money from financial institutions. In such cases, the loans taken are usually used for whatever purpose you want, so you can buy an apartment, a car, or start your own business. In most cases, the amount of credit is determined by the value of the property being offered as collateral.

Debt settlement loans

cash

Mortgage loans can include types of loans such as new home purchase loans, used home purchase loans, home construction, extension, modernization or renovation loans, and free use loans, but also debt settlement loans.

Since all Hungarian financial institutions work with personalized mortgages, which are always determined by the value of the real estate offered, it is worthwhile to look closely at the banks offering mortgages, as it does not matter at what time and at what price.

Provides the debtor with a long-term repayment opportunity

money

A mortgage can be cheap because there are differences between them. When Can a Mortgage Loan Be Cheap? First of all, if it provides the debtor with a long-term repayment opportunity, or if the monthly repayment installments remain fixed over the long term, but at least show only a slight increase. The client is well-known if he / she knows in advance that the installment payment for the given month will be the same the next time.

Since we offer a real estate collateral to the bank when taking out a mortgage loan, most domestic financial institutions can easily obtain this type of loan, because in such cases the credit assessment is simple and even KHR listed clients can obtain money without having to purchase various papers.

Good Finance Friendly Home Loan

Good Finance Friendly Home Loan

The Good Finance-Friendly Home Loan is a certification that introduces a standardized and transparent set of home loan terms and conditions that will make loan structures easier to compare.

The “qualified” category means that the product is marketed in the tender system established by the Good Lender of Hungary  and the central bank verifies compliance with the tender conditions. The rating is “consumer friendly” because it offers different services to consumers on the one hand and predictability on the other.

Predictability and consumer friendly services. An example of such services is that the financial institution takes over the burden of such land administration, if the consumer so requests. The Good Finance Home Home Loan guarantees predictability, as specific deadlines are available to the financial institution for each decision. Disbursements must be made within two business days of qualifying, and credit assessments must be made within 15 days of the completion of the appraisal of the property.

Consumer friendly loan features

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  • Only repayments in which the monthly installment installments are equal (annuity repayments) are allowed.
  • The interest period may be 5, 10, 15 years or interest rate fixation up to the end of the term is required.
  • The payout deadline is 2 business days after the fulfillment of the payout conditions.
  • Disbursement fee: maximum 0.75% of the loan amount, but not more than HUF 150 thousand.
  • The interest period may be 5, 10, 15 years or interest rate fixation up to the end of the term is required.
  • The interest mark-up on the creditor’s reference value shall not exceed 3,5 percentage points.
  • The prepayment fee shall not exceed 1% of the prepaid amount, and up to the amount of the contractual savings, the related government subsidy and the interest credited on the savings account deposit shall be free of charge.
  • The credit assessment deadline is a maximum of 15 business days from the availability of the valuation.
  • Until disbursement and prepayment fees are capped.

Our credit specialist will contact you within a few hours and answer any questions you may have

We will present our comparative analysis of bank offers at a personal meeting that is best suited for you.

Our help and full administration are FREE, we do everything for you!

There is no obligation to send your information, nor do you have to pay anything in advance.

Fill in the information requested in the calculator.

Our credit specialist will contact you shortly and answer any questions you may have

We will present our comparative analysis of bank offers at a personal meeting that is best suited for you.

Our help and full administration is FREE, we do everything for you!

There is no obligation whatsoever to send your information, nor do you have to pay anything in advance.

We will show you the small print details, you won’t get any unpleasant surprises with our help.

In many cases, with our unique discounts, we can offer you a better deal than your bank branch.

Entry fee: It’s hard to start right away – the right financing makes it possible …

 

The step into self-employment entails many risks and imponderabilities.

The step into self-employment entails many risks and imponderabilities.

Entrepreneurs can not be sure of a regular income, are subject to economic risks and must always keep track of a variety of events. These difficulties lead to a large number of business start-ups failing after a short time.

At the same time, the chances of success can be significantly increased by a professional planning and conception of the project. The basis of all entrepreneurial decisions is the financing. Intrasavings supports entrepreneurial involvement through the Gordstart program, which provides start-ups, freelancers and small businesses with a market presence of less than three years up to 50,000 usd.

Investments and resources are funded up to one hundred percent.

Investments and resources are funded up to one hundred percent.

Intrasavings grants the applicant’s house bank an 80% indemnity, which significantly increases the chances of a real payout. It also supports start-up companies whose projects are initially pursued as a sideline and become full employment in the medium term.

In principle, all forms of business start-up are funded which promise the prospect of economic success. The conditions are extremely favorable compared to start-up financing on the free market. The loan has a term of up to ten years, with up to two years of early redemption facilitating entry into entrepreneurship. Free special repayments are possible at any time. The interest currently amounts to a loan with five years maturity, a redemption-free start-up year and a fixed interest rate up to the full repayment of 6.85 percent effective in the year.

One hundred percent of the payout will be made, and one $ 0.25 per month commission will be charged for unused amounts.

The entry fee is suitable for all budding entrepreneurs, who register a manageable capital requirement and would like to secure an affordable initial financing with a flexible design. In particular, the service sector benefits from the program; Industrial projects can not be covered by Gordstart alone due to the comparatively low financing volumes.