The redesigned SOCOCOL, or CSOK, provides us with an opportunity that makes it easier for anyone with a family or family planning to buy or build a property. Fortunately, conditions are constantly changing and becoming more and more viable, so it is definitely worth addressing. But there is one thing we need to pay attention to. Here are the details:
When can we claim it?
To qualify for the Family Home Benefit, there are 2 important factors to consider, the number of children and the property. In fact, they are related to each other, depending on which amount we are entitled to.
The most important criterion for an apartment / house is whether the property is newly built or used. In addition, of course, it does not matter how big the floor space is.
As far as our children are concerned, the existence of one child is a reason to apply for CSOK , but of course the more we have (or plan and undertake) the higher the amount.
In the best case scenario (newly built property; 60 sq. M., 90 sq. M. Residential; at least 3 children), we may receive a grant of up to 10 million USD.
Careful about having children!
We have indicated above that not only existing children can apply for the CSOK , but also those who are not yet born, that is to say, the children we are planning. The question arises as to what happens if he / she is not born. We have 10 years from receiving the support to give birth to all three babies. Two children are entitled to 2.6 million forints and three children to 10 million forints. The difference is not less than $ 7.4 million.
We might also think that we only have to pay back that much. But the reality is far from that. According to the law, over the last 10 years, it has five times the interest rate, which is currently 4.75%.
To put it quickly, this means that after the $ 7.4 million, almost $ 27 million will have to be repaid to the state together with interest. That’s why everyone is kindly asked to think carefully if you really want to apply for CSOK after 3 children!
It is worth asking the state for this amount
All in all, it is quite clear that the Family Home Creation Benefit is in our best interest. It is much easier to get our own real estate with this kind of support. Let alone be careful not to overdo ourselves! As the numbers show, we can get cold enough . If you have any questions, contact us! We help with our knowledge and experience.