Last Chance for Babaváró Loan in Budapest: Changes in Eligibility Starting 2024

Published: December 11 2023

Starting in 2024, there will be changes to the eligibility criteria for the Babaváró loan in Budapest. This article highlights the key deadlines and requirements for those who want to take advantage of the current conditions before the changes take effect.

From 2024, there will be two significant changes to the Babaváró loan eligibility criteria. Firstly, the maximum loan amount will increase from 10 million forints to 11 million forints. Secondly, the age limit for the spouse will be reduced from the current 40 years to 29 years. These changes will significantly narrow down the number of couples who can qualify for this interest-free loan with debt forgiveness.

To be eligible for the Babaváró loan under the current conditions, the loan agreement must be signed by the bank before the end of this year. Since the last working day for banks is December 29th, the signing must take place by then.

It is important to note that the contract signing does not always occur at the time of application. Banks theoretically have 10 business days for evaluation, and any request for additional information can extend this timeline. Therefore, the loan application must be submitted by December 15th to ensure it falls within the 10-day evaluation period. However, banks are motivated to finalize the contract as quickly as possible and make a decision before the legally required deadline.

This article was made with the support of Raiffeisen Bank. They offer quick online applications for the Babaváró loan and provide a credit of 140,000 forints within 30 days of loan disbursement. It is not necessary to open a bank account with them.

What are the changes in eligibility for the Babaváró Loan starting in 2024? Starting in 2024, there are two significant changes in the eligibility criteria for the Babaváró Loan in Hungary. Firstly, the maximum loan amount that can be taken increases from 10 million forints to 11 million forints. Secondly, the age limit for the wife applying for the loan decreases from the current 40 years to 29 years.

What is the deadline to apply for the Babaváró Loan under the current conditions? To apply for the Babaváró Loan under the current conditions, the loan agreement must be signed by the bank before the end of this year. The last working day for the banks is December 29th, so the loan agreement must be signed by that day at the latest.

When should the loan application be submitted to ensure it is processed within the bank's designated timeframe? The banks theoretically have 10 working days to evaluate the loan application, which can be extended by any necessary follow-up. Therefore, the loan application should be submitted by December 15th at the latest to ensure it falls within the 10-day processing period.

What is the government administrative break and how does it affect those applying for the Babaváró Loan at the last minute? The government administrative break, as per the 407/2023. (VIII.30.) Government Decree, will be in effect from December 27, 2023, to January 1, 2024. During this break, at least one member of the married couple applying for the Babaváró Loan must provide proof of a minimum of 3 years of TB coverage, which is issued by the government office. The proof can be requested in person, by mail, or through the e-Paper service. As government offices will be closed during this break, it is advisable to initiate the process as soon as possible to ensure the couple has enough time.

What support is Raiffeisen Bank offering for couples applying for the Babaváró Loan at the last minute? Raiffeisen Bank is currently offering fast online application and a credit of 140,000 forints for married couples applying for the Babaváró Loan at the last minute. It is not mandatory to open an account, and the credit will be credited within 30 days after the loan amount is disbursed.