Josef hírek

2012.08.26. 10:46

Cap now, pay later FX loan scheme picks up steam

Budapest, August 23 (MTI) - People who have borrowed in foreign currency but find it hard to meet their monthly repayments to banks due to the weak forint have been able to cap the sum they pay back. This is proving more and more popular.

Budapest, August 23 (MTI) - People who have borrowed in foreign currency but find it hard to meet their monthly repayments to banks due to the weak forint have been able to cap the sum they pay back. This is proving more and more popular.

For five years the difference between the capped repayments and the real figure typically denominated in Swiss francs and euros is set aside in a separate account to be paid later.

 

The government-backed scheme opened to public sector borrowers at the beginning of April and for other home borrowers in May. Borrowers have until the end of 2012 to join the scheme, which runs until the end of June, 2017.

 

Banks have seen increased interest in August, reflected both in terms of inquiries and the number of applications submitted to banks, officials at UniCredit Bank and OTP told Thursday s Vilaggazdasag business daily.

 

From August, banks have accepted all applications from borrowers with mortgage-backed forex loans without any restrictions, including those with non-housing loans. OTP Bank, which opened towards borrowers with non-housing loans, now receives hundreds of inquiries per day, the paper said.

 

In July, the number of those signing a contract on a restructured loan exceeded 70,000 according to figures from the Banking Association, with the stock of loans affected reaching 650 billion forints, sharply up from 180 billion worth of restructured loans of about 20,000 customers according to NBH figures at the end of June.

 

This means that about 15 percent of eligible borrowers have taken up the opportunity and the Banking Association expects the ratio to rise to at least 50 percent, as does FHB Bank and OTP, the daily reported.

 

CIB Bank, where 17 percent of those eligible for the scheme have already applied, does not rule out as high as 75 percent. MKB Bank, however, currently believes that the final percentage could be around 15pc–20pc, the paper said.

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