Who is entitled to a mortgage
Many people thinking about buying an apartment for money borrowed from the bank should also know if they are entitled and will receive a mortgage for this purpose. Well, there are a number of conditions that must be met in order to obtain creditworthiness and that our application for a loan will be approved.
First of all, you cannot have other unpaid obligations that are under our name in the National Register of Debtors. This is a prerequisite to start any conversation with the bank regarding lending of real estate purchases.
A loan is having the required minimum monthly income
Another condition that is necessary to obtain a loan is having the required minimum monthly income, which must be properly documented. Mortgage loans are granted for large sums and therefore monthly installments can amount to several thousand zlotys. Therefore, you must have high income so that the bank decides that we will be solvent.
In addition to the income statement from the employer, you must show that our employment is secure and you will not lose your job in the near future. Otherwise, insurance will be added to the sum of the loan, which will increase the amount of monthly loan installments.
As it turns out, it is not so easy to get loans regardless of their type. It is different with loans offered by financial institutions that use an extremely simplified credit procedure, but they charge our liabilities with a much higher interest rate.
They are granted for a maximum of several years
Such loans, however, are not enough to buy even the cheapest apartment, and in addition they are granted for a maximum of several years, so paying them back with large sums would be a huge burden.
In terms of length, the mortgage is the longest loan currently offered by banks, and thus can offer the lowest monthly installments in relation to the amount borrowed. The easiest way to get this type of loan is for young married couples who want to live in their own flat after passing away from parents and in-laws.
They are entitled to co-financing from the government
In addition, they are entitled to co-financing from the government, thanks to which, during the initial period of paying off installments, they are lower and reduce the burden on home finances.
Despite this, for young people just starting their careers, mortgages are a heavy burden that can sometimes be frightening and cause various quarrels and strains in a young marriage.