The previous bureaucratic obstacles to the use of money accumulated in voluntary pension funds may be removed.

Economic neutrality enables the Hungarian economy to achieve growth of between 3-6 percent in 2025. In order for our country to be able to take advantage of this opportunity, the government is focusing on three key areas: ensuring affordable housing and rapid wage increases based on economic growth, as well as promoting the growth of small and medium-sized enterprises, emphasized the Ministry of National Economy (NGM) in its statement issued on Monday. .

Creating a home is the most important self-care issue for families and young people across generations. Therefore, the government is removing bureaucratic obstacles from the way that people can use their savings to build their own housing according to their own decision, on a voluntary basis, announced the NGM.

The Hungarian government therefore wants to create an exceptional opportunity for Hungarian families, so that in 2025, tax-free, for housing purposes and housing-related renovations, in the voluntary pension funds up to now - from own and employer contributions, as well as from the returns achieved on these and state tax credits - accumulated savings. As a result of the measure, on a voluntary basis, more than 1 million fund members and their families may have the opportunity to

on average, he uses up to the entire part of his savings for housing at the expense of his account balance of more than 2 million per person.

The social consultation of the proposal will begin on Monday. According to the draft, the use of savings for housing is an extra, optional possibility, i.e. the person concerned can decide on it at his own discretion, based on his free choice, thereby further strengthening the right to self-determination.

In 2025, those affected have the opportunity to use the savings temporarily, for a period of one year, and the use for housing purposes can be used tax-free during this one year - the NGM listed the conditions.

The proposal considers the repayment and deductible of the credit or loan agreement for housing as defined in the Credit Institutions Act, as well as the modernization and renovation of apartments in Hungary.

The condition for residential use is that the apartment is at least partly owned by the fund member, or by his or her spouse or child, or that the loan agreement is aimed at acquiring such a property.

The support for the modernization and renovation of apartments can be done through the subsequent settlement of invoices and contracts issued for the work, materials and equipment specified in accordance with the proposal, and they can be submitted up to three times, thus facilitating larger renovations and modernizations.

MTI