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24th November, 2017

MNB OKs first “home lottery” request

The central bank has approved the application of Central NOK Szervezõ to organise the first national home purchasing community, with 180 members, after it had received a license in the spring. NOK is the first to launch the scheme dubbed by the media as “home lottery”.

The company has registered equity of Ft 100 million, the legal minimum. It is owned by Poligrupo, which used to organise so-called purchasing co-operatives.

Parliament approved legislation on the establishment of such communities in spring 2016, based on the UK’s building society model.

NOK groups collect funds for new home purchases over a 10-15-year period. NOK members get a 30% state subsidy on their contributions of up to Ft 25,000 a month, which they may only use to purchase new homes.

The lucky ones to receive new homes through the scheme are selected in a lottery. Those voluntarily paying more into the fund will receive an advantage in the drawing.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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