A mortgage loan for a flat is currently the most popular and the most-known version of a mortgage. It is awarded in the same way as a mortgage for a house or its construction. In the case of a home loan, it is worthwhile that the borrower chooses a flat, which he can afford and needs. It happens that the bank checks the demand for a very large and luxurious apartment. In addition, too large a yardage can limit the buyer in the case of willingness to participate in various loan co-financing programs. It must be remembered that the loan will weigh on the borrower even in the event of a possible financial crisis. You can also look at the ประเภทของสถาบันการเงิน for the loans
A mortgage loan for a flat is granted for a specific property. Before submitting the application, you should choose an appropriate flat and check if there is any debt in it. It is worth to submit a parallel application in several banks. This will allow for greater flexibility in the event that one of the institutions refuses to grant a loan. It may happen that a different criterion in one bank will exclude the possibility of having a mortgage and in the second one it will already be granted.
Mortgage loan for renovation
The form of financing, which is a mortgage, does not have to be used only for the purchase or construction of real estate. Sometimes its goal is completely different – for example, a mortgage for the renovation of an apartment. It will be a great solution for borrowers who plan a thorough renovation of their place of residence.
In the case of large sums and such are to be reckoned with, if plans are to modernize the real estate, the mortgage gives much more opportunities and lower costs than a loan or cash loan. The latter form of financing is very expensive, the interest rate is often several percent over the year and short in the repayment period maximum 10 years.
A mortgage loan for the renovation of an apartment or house, however, has its own fortifications and conditions. First of all the borrower must be the owner of the flat. Certainly, the person who rents the property will not get a loan. Second the flat cannot be mortgaged. A possible mortgage for renovation, while the borrower still pays the mortgage for his purchase, is rather excluded. In order to receive such financing, a suitable renovation cost estimate should be prepared and ideally, though not necessary a plan for such renovation. It will also be necessary to make a property valuation. The maximum loan amount will not exceed 80% of the value of the flat or house that will be mortgaged. The important thing is that mortgage for renovation does not require the borrower to pay his own contribution it is real estate.
Mortgage: for whom?
The social cross-section of people who are applying for a mortgage is huge. Of course, everything depends on the borrower’s needs. Young people are trying to get a loan for the first apartment, which is usually not the top shelf. People who have an established position in the labor market, income at a good level and considerable savings, buy houses or put up a new property. Those who have chosen to live in an apartment also need refurbishments and banks come here to help. Borrowers are both working in Poland and abroad, marriages and singles.