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Orbán government may launch unique programme to boost Hungarian property market
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The Orbán government aims to allow Hungarians a one-off opportunity to use savings in voluntary pension funds for home purchase or renovation, or to repay home loans, in 2025, Zsolt Kovács, a National Economy Ministry commissioner, said on public television on Wednesday.
The government measure, which is in the public consultation phase, would allow Hungarians to apply as much as their entire voluntary pension fund savings for home purchase or renovation for themselves or their family members, Kovács said on news channel M1.
He noted that there were about 1m voluntary pension fund members at present. Some of those members could have as little as a few hundred thousand forints on their accounts, while the balances of others could be in the tens of millions of forints, he added.
More than HUF 2,000bn in savings are in voluntary pension funds, and if “a few tenths” of those savings are mobilised by the measure, it could be considered a “real success”, Kovács said.
After you spend your entire pension savings on home renovation as this proposal provides for what do you live on when you reach your old age? The other ridiculous proposal from the Fat Man is that banks voluntarily cap mortgage rates at 5% when the Hungarian central bank rate is 6.5%. Banks are not charities. This government is definitely fascist as it interferes in every aspect of people’s lives and businesses and takes away your freedom.