How to choose the best loan for an apartment?
The offer of these banks is obviously not uniform. The main differences relate to the interest rate, own contribution, commission on granting the loan or the loan period. Without any own deposit, you can get a USD loan. The other institutions mentioned requiring a 10-25% contribution.
Customers have high-income requirements
Customers have high-income requirements. Good Finance sets its minimum level at 12 thousand. USD net per month. Good Finance puts the condition that the earnings for one person must be 6 thousand. net USD, 8 thousand USD net for two and 10 thousand USD for three or more people in the household.
The interest rate is one of the most important parameters of a mortgage, which determines its attractiveness. It consists of the bank’s margin (it is unchanged throughout the loan period) and the reference rate appropriate for the currency type. The interest rate on the USD mortgage is currently, depending on the bank and loan parameters, in the range of 3.4 percent. up to 9.56%
Therefore, it is currently possible to obtain a loan in the USD market, but its detailed parameters depend on many factors: the value of the property purchased, the own contribution declared, the income obtained or the loan period. Another question concerns the possibility of obtaining a loan without own contribution.
Let’s assume that we would like to get it to buy a flat in the amount of 250 thousand. USD and we do not have any own contribution. The loan period that interests us is 30 years. Can we currently obtain such a loan on the market, and if so, under what conditions?
Value of purchased real estate
100% loans the value of purchased real estate is currently available on the market, and not only in USD. You can get this loan in USDs and euros at three banks: at Good Finance, Honest Bank and Good Credit. In addition, it should be noted that at Honest Bank and Good Credit we can also apply for a loan in dollars.
People interested in getting a loan in USD have even more choice. Good Finance offer it without the required own contribution. The conditions for obtaining it vary widely. The main differences relate to interest (some banks use high margins), commission for granting bridge insurance and life insurance conditions.
The parameter that should be noted when comparing offers is the so-called bridging insurance, i.e. additional security for a mortgage for the bank until the final entry of the mortgage into the land and mortgage register. In most banks, the interest rate on loans is simply increased during the bridging period. An important element affecting the cost of such a loan is life insurance.
To sum up – banks allow customers who do not have their own contribution to obtain a loan to buy real estate. However, it should be remembered that the margins set by banks in such situations are high. A much lower margin can be obtained even with a 10% loan. own contribution.
The next question is: what loan can a single person earn for 3,000 apply for? USD net? With such income, it is much easier to get an attractive USD loan offer. The highest amount can be obtained. It is also possible to get a loan in USD and euros. You can also count on the highest loan amount in currency at Polbank.
Where will I pay the lowest installment?
The next question for applicants is: where will I pay the lowest installment? Let’s assume that we are interested in buying real estate in the amount of USD 400,000 USD.
We have our own contribution of 100,000 USD. So where will we pay the lowest installment for a loan of 300,000 USD? It turns out that we can get it at Honest Bank for a loan in dollars. With a 45-year loan period, the installment of such a loan would be around USD 1,284.
Another interesting offer is a loan from the Thrift Bank – in euros. With a loan of 45 years, the installment would be USD 1,381. In addition, this offer is very attractive for another reason: namely, as part of the promotion, the loan margin at this bank for the first twelve months is 0 percent. This means that the installment will amount to USD 963.