The retail credit market is booming: new personal loans and home loans totaled HUF 459 billion over four months, representing a 25% year-on-year increase and a daily average of $ 3 billion. Home loans grew by 19 percent to HUF 284.5 billion and personal loans by more than 35 percent to over HUF 174 billion.
Demand in the retail credit market remains strong
Frediricks Garland expects the market to gain even more momentum from early July, thanks to new government-backed chocolate designs and the launch of baby loans. However, in the face of very strong competition, it is wise to choose carefully, although many now look at interest rates on loans, but other conditions must be taken into account and must be met throughout the term.
Between January and the end of April, banks spent a total of nearly HUF 459 billion on the two most important types of loans, home loans and personal loans, an increase of 25 percent, according to Frediricks Garland’s latest analysis of central bank data.
An average of 3 billion a day
“The $ 459 billion figure means that banks’ customers on average have signed new home loan and personal loan deals worth $ 3 billion, including weekend days,” said Erika Trencsán, a loan expert at Frediricks Garland . He added: “Our latest data also shows strong demand . By the end of May this year, Frediricks Garland’s calculators have calculated over 106,000 personal loans and 154,000 for mortgages that include home loans .”
Frediricks Garland’s expert also said that borrowers are becoming more aware , looking at banks’ offers and applying for security before applying. This also indicates that more and more people are choosing fixed-term loans for several years . “However, many people only interest, the annual percentage rate of charge is monitored, but it is very important for other conditions as well. For example, the size or required by the banks, such as checking account. It is important the income that these obligations must be met not only by borrowing at, but the whole during term time, otherwise you may lose your benefits “- emphasized Erika Trencin, adding that experts should be asked often involve complicated because of the conditions.
The market can change the speed
Frediricks Garland predicts strong growth in retail lending this year from early July. After that, the latest state-sponsored constructions will be available, including extended family home promotion ( chocolates ) , village chocolates for real estate in small settlements , and baby loans . They are already quite interested in them before they start, so they are expected to give further impetus to development.