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The Hungarian Central Bank (MNB) is pushing for a sweeping reduction in bureaucracy in the banking sector. Greater digitization and statutory caps on fees are intended to ease the burden on both consumers and small businesses. A key measure in this effort is simplifying the process for early loan repayment.
The central bank emphasizes that the administrative burden surrounding lending in Hungary must be reduced in order to strengthen the economy’s competitiveness. According to the financial institution, numerous proposals have already been submitted to lawmakers.
The focus is on providing tangible relief for borrowers—in particular through statutory reductions in notary and prepayment fees.
To drive down bureaucracy using its own resources, the MNB is increasingly relying on the “Certified Consumer-Friendly Products” system it created. This certification guarantees customers fair and transparent terms.
Strict protective measures apply to Certified Housing Loans:
Capped Fees: The loan disbursement fee is capped at a maximum of 0.75 percent of the loan amount (up to 150,000 forint/416.22 euros). If the loan is used to finance a green project, this fee is waived entirely.
Fair Early Repayment: The prepayment penalty is capped at 1 percent of the amount repaid. If the funds come from a home savings contract, repayment is completely free of charge up to the amount of the savings balance, including government subsidies.
Similar concessions apply to Certified Installment Loans (personal loans). Here, the prepayment penalty is capped at 0.5 percent, and if the remaining term is less than one year, early repayment is completely free of charge. Those who complete the entire process online also pay no disbursement fee.
This digital offering has been well received by consumers. The central bank emphasizes that
the entire processing of these loans has been possible digitally for five years.
Since 2024, all steps prior to the actual signing of the contract can also be completed online. Banks are also required to cover the cost of the mandatory energy performance certificate once.
The MNB has also removed barriers for micro, small, and medium-sized enterprises (SMEs). For the special Certified Business Loan intended for investment purposes, only a single fee may be charged prior to disbursement—capped at 1 percent of the loan amount or a maximum of 1 million forint (2,774.93 euros).
In addition, corporate customers with variable-rate loans have the right to make early repayments at least twice a year at no additional cost after a grace period has expired. For longer fixed-rate periods (which do not apply to the entire term), this is possible free of charge on each interest rate adjustment date.
At the suggestion of the central bank, lawmakers have also tightened the Consumer Credit Act.
Binding deadlines now govern how quickly banks must settle amounts repaid early and issue the documents necessary for the cancellation of mortgages. This significantly reduces waiting times for customers.
A milestone in efficiency is the electronic pay stub system, which has been in place since February 2020. Through a partnership between the National Tax and Customs Administration (NAV) and the BISZ Central Credit Information Plc., citizens can share their income data digitally. Through the Digital Citizenship Program (DÁP, Hungary’s digital platform), this data is securely transmitted to the bank within minutes. This reduces paperwork and lowers borrowing costs for end customers, as banks can also operate more efficiently.
Looking ahead, the MNB plans to take even more comprehensive steps toward digitalization.
There is a call for a central database of appraisers for real estate valuations, standardized, continuous access to land registry data, and the further digital development of notarial certifications. Both banks and customers would benefit from these measures through faster processes.
In addition to structural reforms, the central bank is focusing on empowering customers. Through the consumer protection portal “Pénzügyi Navigátor” (Financial Navigator), the MNB provides an independent loan and lease calculator. The tool allows consumers to compare annual percentage rates (APRs) across lenders, helping them find lower-cost financing.
Via MTI; Featured photo: Pexels
The post Central Bank Pushes Banking Reforms to Cut Fees and Streamline Lending appeared first on Hungary Today.
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