Home saving is one of the most popular forms of savings due to related government subsidies. Before entering into a contract, however, it is advisable to consult the market, as there may be up to five times the difference in the cost of the various constructions.
The highest yield of more than 10 percent is provided by 4-year facilities. The lowest yield is for a 10-year-old, but with the highest amount of government support.
It is also worth knowing that home savings contracts are flexible and can be used for home loans.
One of the best solutions for home savings is home savings schemes
whether it be buying a home, renovating a home, or even reducing your home loan debt. Housing savings schemes can provide a yield of over 10 percent through a 30 percent annual government grant of up to $ 72,000.
This makes them one of the best in the entire investment market. In order to maximize state support, you should save $ 20,000 per month .
How long and how much?
Currently, service providers can choose from four building societies constructions on the market. The shortest term contracts are 4 years, the longest are 10 years. According to the latest compilation of Good Finance , the yield on 4-year home savings can be 10-12 percent, and the total savings amount to HUF 1,2-1,3 million.
For 10-year-olds, the annual yield can be 4-5 percent, and a total of 3.1-3.3 million HUF can be saved. Erika Trencsán, an expert at Good Finance , pointed out that with the help of home saving schemes you can take out a fixed repayment loan after the saving period. He also added that home savings contracts are suitable not only for purchase , but also for home extension, home modernization and reducing or settling existing home loan debt .
Differences – 7 thousand or 35 thousand?
Pointed out that home saving structures can be modified, for example, they can be extended . “So, for example, someone who originally entered into a 4-year contract but cannot use it for housing at maturity may extend the savings period,” the expert said.
Although there are quite stringent requirements for home savings contracts due to state aid , there may be differences between the offers of market participants . For example, the cost of signing a contract may be different; At the end of April, according to Good Finance , there was a 4-year home- saving scheme with a total cost of nearly HUF 7,000 . However, there were also those with five times more than 35 thousand forints, which is half of the maximum state subsidy per year.