Mortgage PLN 300,000 for the purchase of an apartment or a house? Where for such a loan? Which bank should you choose?
First of all, you should read the offers of banks, and then you can compare the mortgage loans. We can do it alone or with a selected adviser.
Below is a search engine and comparison engine for mortgage loans for 300 thousand. zł. It is a financial tool that combines both a search engine, a comparison engine and a calculator. First of all, it allows you to estimate credit installments, but also allows you to contact a selected bank or financial adviser on the loan. The basic parameters should be entered into the search engine in order to obtain the calculated installments with the list of banks.
Of course, when deciding on a mortgage of PLN 300 thousand, we must not only have the appropriate creditworthiness and creditworthiness, but also meet several additional requirements. For example, the required own contribution.
Mortgage loan PLN 300 thousand own contribution
In order to apply for a mortgage, we must have at least a 10% contribution. Pursuant to the provisions of Recommendation S of the Polish Financial Supervision Authority, the amount of the loan granted SHOULD NOT exceed 80% of the value of the property. This means that the own contribution should not be less than 20%. At the same time, the KNF regulations allow for granting a mortgage of up to 90% of the value of real estate, ie with own contribution of 10%, provided that additional collateral is applied, eg insurance of low own contribution. * Most banks use the latter option.
If you decide on a mortgage or housing loan for 300,000 zlotys and regardless of whether you choose direct contact with the bank or arrange an advisor, you should ask for some important things. We should be well aware of this topic before we take out a loan and sign a contract. Remember that there are no stupid questions!
Mortgage interest rate PLN 300 thousand
1) The method of determining the interest rate is very important. Is it a fixed or variable interest rate (but it will certainly be a variable interest rate, because almost 100% of mortgage loans are granted with a variable interest rate).
2) In what situations and how often the interest rate may change. The interest rate consists of the WIBOR base rate (for loans in PLN) increased by a fixed margin. Base rates that change from time to time have an impact on the interest rate, and thus on the change in the amount of loan installments.
Commission for a mortgage.
It is expressed as a percentage of the mortgage granted. Most often, the bank sets its amount from 0% (few bank offers) to 3%. Its height is different, therefore it should be checked carefully. It is usually included in the loan.
Mortgage PLN 300,000 PLN equal or decreasing installments?
The choice of the installment system determines whether the loan installment will be equal or decreasing (in subsequent months lower). The cost of the loan will also depend on the choice of installment payments. In the case of decreasing installments, each subsequent installment is lower, but the initial burden of household finances is high. But we pay back the capital faster and the loan will be cheaper, because we will pay less interest in the entire loan period. If you choose a decreasing installment, you must have a higher credit rating than if you choose fixed installments.
Mortgage insurance and additional options
Bridge insurance is an additional cost that we will pay until the real estate mortgage is paid to the bank. The faster the court operates and issues an entry in the mortgage, the lower the cost.
Additional insurance: in the event of job or life loss
It should be noted whether insurance packages are offered for the mortgage loan, which would be worth taking advantage of. Because the mortgage is committed for many years, even for a few dozen, it will be more secure by buying additional insurance. Of course, this will affect the overall cost of the loan.
Early repayment of the mortgage
It is also worth finding out if the loan can be repaid earlier and on what basis: will you pay a commission for early repayment of the loan and in what amount.
Will using additional banking products make it possible to obtain more favorable credit conditions?
The bank may propose to us, besides a bank account, a debit card, a savings account or a credit card. It should be found if it will be profitable for us (in general, it will be a cheaper loan).
Remember that the terms of each loan can be negotiated. Also in the case of a mortgage loan it is possible. So let’s not be afraid to negotiate the amount of margin or commission. The better the assessment of our person by the bank, as a potential borrower, the better credit terms we can count on a mortgage loan of PLN 300,000.