Home saving has been one of the best publicly supported investments for years. The state subsidy rate remained at the level of HUF 72,000, ie 30 percent a year, but up to this amount the state contributes to our own contribution.
In today’s interest rate environment, it still provides relatively high returns on our housing savings, with virtually no risk, plus no interest tax. With our calculator, we show you how much you can save with a monthly payment of $ 10,000 in about 4 years.
There may be several contracts in the family
The state subsidy can be fully utilized with a monthly saving of HUF 20,000. Although a person may apply for state support for only one contract at a time, there may be several contracts in the family. So if we could set aside more than $ 50 a month, we could open LTP for our spouse and children, for example.
When it comes to construction, buying a home, modernizing, the family members’ contract can be merged. In this way, and with the interest-bearing loans available for the LTP contract, a considerable amount is already available .
As you know, the contract savings period is between 4 and 10 years
The account opening fee is usually 1 percent of the contract amount. The account management fee is HUF 150 per month. The amount paid is subject to a fixed deposit interest free of interest. During or at the end of the savings period, you can apply for a favorable forint loan with a fixed interest rate and repayment installments in addition to the savings.
In addition, from July 2017, you will be able to sign an contract on even better terms, as the payout period will be reduced from the current 3 months to 2 months. In practice, this means that homeowners will be able to get their money sooner, because the end of the savings period will shorten the payout period by one month, so the home savings bank can pay off the savings sooner.
Although the main features of home savings are the same, there are offers that are more favorable in some respects or offer some sort of promotion.
How Much Money Can You Save on a 4-Year Home Savings Contract?
Let’s see how much savings we can make with each home savings product! At the time of writing our calculations, we calculated a monthly saving of HUF 20,000 and the shortest possible term of 4 years . Now, we’re focusing on showing you how much savings you can make on individual home savings products by paying $ 20,000 every month for 4 years and getting your deposit payments and state subsidy .
It is important to know that the contractual amount consists of our savings (self-payment + deposit interest + government subsidy) and available home loan . Thus, the table also shows the contractual amounts for each arrangement.
It is worth looking at other parameters besides the savings and the contract amount when deciding which home saving design to choose.