The first consumer-friendly home loans came to the market. As a pioneer, FHB has come up with the latest loan product. We looked at and calculated the cost of these constructs in relation to hitherto available credit products.
FHB has released two consumer-friendly home loans, the first to be launched by the bank, our experts have learned from the bank.
- The first home loan has a 5-year floating rate of 4.6% (5.61% APR).
- The second is a ten-year, 5.83% (6.91% APR) home loan.
Like consumer loans, these consumer-friendly loans can be applied for and used for home purposes. This can be a home purchase, home remodeling, in some cases it is worth borrowing for a loan, and they are available on roughly the same terms as existing home loans in general.
Is it really that favorable?
Our calculation is based on a $ 5 million, 20-year consumer-friendly sample loan. In the meantime, we used a loan calculator to make the calculations with an existing loan with similar parameters, for comparison.
We have certainly noticed that FHB Bank already has a similar product that it has already included in its offering. The name of the home loan is FHB Five At a Fixed Loan eg. It can be charged at 6.17% APR, which pays the family cashier with a installment of nearly $ 10,000. The total cost of the loan is HUF 3,510,730. This home loan is estimated to be more than $ 300,000 more expensive than a consumer-friendly loan, with the new facility offering it for $ 3,185,008.
We achieved a surprisingly similar result with the 10-year long-term home loan product
The calculator calculates with a repayment of 35,000 forints, with a 7.03% APR you get the same result as the FHB Ten Ten Fixed Home Loan. The total cost of the latter is $ 4,072,059, which for a consumer-friendly new loan is $ 4,022,848, the difference is negligible.
Even so, we can find cheaper home loans in banks’ offerings by thoroughly reviewing their offers. We used the calculator.
- The Konsumer Home Creation Loan is currently the cheapest with a 5 year period, a 3.47% APR, a $ 29,796 monthly installment, and a $ 1,853,309 repayable loan.
- Ernie bank is the cheapest at the 10-year interest rate, now the lowest total cost of credit on the product.3430,890 Ft, surprisingly but over 500,000Ft cheaper than the cost of a new consumer friendly home loan.
If you are interested in your own bank’s offer or are looking for a loan, see how much you could get with our help, and ask our credit expert for a free consultation!