A recent discussion between the Ministry of National Economy and the Banking Association has led to the Hungarian Competition Authority (GVH) endorsing the introduction of a 5% interest rate cap as part of housing policy measures. This move is expected to enhance competition among banks, ultimately benefiting borrowers by encouraging lower interest rates through market rivalry.

GVH's core mission includes promoting competition, supporting decisions that enhance consumer welfare through competition. By backing the government's housing initiatives, GVH aims to stimulate competition in the banking sector, urging banks to compete below the voluntary interest rate cap for consumer benefit.

GVH advises individual borrowers to seek loan offers from multiple banks, utilize comparison platforms, and advocates for regular reviews of voluntary interest rate caps to foster market competition. The competition authority also emphasizes the importance of preventing anti-competitive practices and ensuring a competitive environment in the lending market.