You Can Win Almost Three Million On Your Home Loan If You Are Slack
We based on the fact that it is possible to prepay HUF 1-1 million twice, at the end of the 5th and 10th year. In both cases, the monthly installment decrease is visible, first by 11% and then by 19%.
Full benefit can be better traced if we consider the full repayment
However, the full benefit can be better traced if we consider the full repayment. While a prepayment of $ 15.84 million is to be repaid, the prepayment reduces to $ 13.17 million. In this case, the total financial benefit will be HUF 2.6 million.
Starting from this, it is worth starting a home loan in combination with an apartment savings. The advantage of saving a home is that it receives a 30 percent state subsidy, the ceiling of which is 72 thousand HUF, which can be reached with a monthly payment of 20 thousand HUF.
It is true that it involves a higher initial repayment
But if the home loan is supplemented by a monthly saving of 20 thousand, then at the end of the 4-year savings period, you can spend up to HUF 1.2-1.3 million on early repayment.
Thanks to the early repayment, the mortgage loan taken in the previous example can save you HUF 760,000. This benefit can be increased by making home savings in the name of close relatives, as these can also be invested to prepay the loan.
There is a possibility of partial or full prepayment
Fortunately, there is a possibility of partial or full prepayment at any time during the term of the loan (prepayment). Because this is a loss for the bank as it loses interest income, it is charged a prepayment or early repayment fee.
However, the maximum charge for home and early repayment on home loans is limited by law, which currently stands at between 1.5 and 2 percent of the amount repaid.