At banks there is a mortgage loan offer called home loan mortgage angle. In the offer, the margin charged by the bank is currently 1.4%. As for the interest rate on the nominal loan, it amounts to 3.02% per annum. This is not an excessive interest rate when looking at other offers at other banks. The bank does not charge any commission for granting an obligation. As part of the loan, we can borrow PLN 50,000 to PLN 500,000 at banks. The commitment can be spread over a loan period from 1 year to a maximum of 35 years.
Types of home insurance for mortgage angle.
The life insurance policy in this case is not required from the borrower. It is voluntary. The cost of insurance is 0.066% of the loan amount on a monthly basis. Additional insurance required by the bank is insurance of real estate against random events such as fire. We have the option of purchasing such insurance directly at the bank branch. His rate is 0.08% of the value of the property on which we take a mortgage. You can still choose to take out additional insurance, which is voluntary, in the event of job loss or illness requiring treatment in a hospital. Such insurance is already more expensive and is bought out for a period of four years. His rate is 3.25%.
Other additional insurance that can be purchased under this offer is bridging insurance. It is a collateral that is applied when a mortgage is entered in the land and mortgage register for the benefit of the bank. This insurance operates until this mortgage has been established. The minimum own contribution that the borrower must have to receive a loan from banks is currently 10%. The mortgage offered by banks is a commitment on really good terms. You can get a commitment worth up to 90% of the property. Credit holidays can be used once a year throughout the duration of the contract.
The amount of credit we want to take under this offer is PLN 170,000.
The borrower’s repayment period will be 19 years. For such parameters, the APRC’s obligations will be quite low, 3.06% per annum. This gives us a small cost associated with this mortgage. Each monthly installment will be around PLN 980. This will give us a total repayment of PLN 223,620. The sum of interest repaid will be PLN 53 620.