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NBH Outlines Consumer Protection Measures In Annual Report

• 12 Jun 2018 9:01 AM
• Hungary Matters

The National Bank of Hungary (NBH) outlined measures it has taken to protect the interests of households on the lending, insurance and capital markets in an annual report.

Among measures on the lending market the NBH noted in the Consumer Protection Report was the roll-out last year of Certified Consumer-Friendly Home Loans which aim to counter high interest margins and a low rate of borrower refinancing.

Certification of products requires banks to cap their home loan lending margins at 350bp, origination fees at 0.75% or 150,000 forints (EUR 480), and early repayment fees at 1% or, in the case of repayment from home savings bank accounts, 0%.

Lenders must also make potential borrowers an irrevocable loan offer when they inquire at a branch.

MTI Photo: Jászai Csaba

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Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.

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