At Bank Millennium a mortgage is available with a nominal interest rate of 4.22% per annum from WIBOR for three months. The bank’s margin is 2.50% of the liability. Importantly, the bank does not charge any commission for granting the loan. No commission is important because it is not an additional cost to the commitment, which is high for mortgages. The amount of mortgage available here starts from PLN 20,000 and ends with a large amount, PLN 500,000.
The repayment period over which the liability
Can be split is from 6 years to a maximum of 36 years. Let’s analyze the mortgage in Bank Millennium on a specific example. The amount of the liability is PLN 136 thousand. The loan repayment period will be 10 years, which gives us 120 equal installments.
The APRC for such a commitment will remain at 4.30% per annum. This does not give excessive costs associated with the loan. Each monthly installment that will have to be paid in the bank will be PLN 1,391. The borrower’s total amount to be repaid is PLN 166,944. The sum of interest repaid here will amount to almost PLN 31 thousand.
The borrower can present to the bank
Apolicy from the market which he bought from the insurer of his choice. There is no need to purchase additional property insurance. You can take out accident insurance at the bank, whose rate is 0.0075% of the value of the property, which is to be a collateral for your mortgage.
Until the bank establishes a mortgage, the borrower will be forced to pay a commission for increased risk. The loan can finance 80% of the property value, but also more. For a larger amount, you will need to take out a low contribution risk insurance. The minimum own contribution in this offer is 10%. The maximum amount of mortgage offered by Bank Millennium may exceed even 90% of the value of the credit property. Bank customers who actively use its products can count on the bank to lower its margin. The borrower also has the option of choosing between decreasing or equal installments.