Borrowers must work at least 20 hours a week in Hungary to be eligible for the ten-year free-purpose loans, Gulyas said. Independent business owners and sole proprietors must certify income of at least the average wage for 20 hours a week, he added.

Borrowers must pledge to work in Hungary for a period of five years, he said.

Repayments on the loans will be suspended for two years after the birth of the borrowers' first child. After the birth of a second child, repayments will be suspended for a further two years and half of the principal will be forgiven. After the birth of a third child, the principal will be forgiven in full.

Meanwhile, Gulyas: Govt submits proposal to double family tax credit

The government has submitted a proposal to double the tax allowance for families raising children, the head of the Prime Minister's Office told a government press briefing on Wednesday.

The family tax credit is planned to be implemented in two steps, from July 1 next year and January 1, 2026, Gergely Gulyas said.

Source: 
MTI - The Hungarian News Agency, founded in 1881.

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