What about defaulted, publicly supported loans?

As I wrote in an earlier post, the state used both hands to subsidize people to buy a home.

Since the outbreak of the crisis, and especially since the change of government, the state has been pushing banks for defaulted loans.

The state recovering state subsidies

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Of which I have not heard a word, is the state recovering state subsidies embedded in overdue loans?

In fact, under the State Aid Act 2001/12, if the owner of the state-owned property sells or leases it within 10 years (within 5 years of establishing a young person’s home), he is obliged to repay any state aid he has received. Examples are socpol, e.g. HUF 3.6 million, the state guarantee (10% could be bought from own funds, while the bank gave only 25%) and the interest subsidy, which is 4-6% per annum (60% of the five-year government bond interest rate).

This can be as high as 5-6 million for a loan of thirteen million.

By law, this amount is collected by the state in the form of a tax from the debtor.

Before the crisis deepened

Before the crisis deepened

There were several examples of this, when the state also filed a bill due to a credit default.

What I don’t know is what’s going on right now? If you have any close-up experience, please let us know.

The text of the law:

Section 21 (1) If the apartment built, extended or purchased with the aid of tax refund subsidy is dismantled within 10 years after the conclusion of the purchase agreement in the case of construction or extension, or after the conclusion of the contract of sale in the case of purchase, if the disaster becomes necessary – or is disposed of, or is not the residence of the assisted person and his / her relocators, or the use of the apartment is transferred to a third party, then the owner of the apartment is obliged to pay (10), (13) and to repay.

This rule shall also apply to support for the creation of young people at home

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With the exception that the ban on demolition, diversion and alienation shall be for five years. If the owner wishes to relieve the apartment and does not request the notary to suspend the repayment of the subsidy, he is obliged to repay the subsidy (s). The Treasury shall arrange for the enforcement of the repayment obligation.

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