How to arrange a mortgage

A mortgage loan is a long-term, special-purpose loan for investment property. Beware not for the purchase of cooperative flats, the repayment of which is secured by a lien on this or other property. In case of purchase or construction of a new property it is possible to draw state support for สินเชื่อรถแลกเงิน .

Use of Mortgage

• Purchase of real estate (flat, family house, land)
• Financing of real estate construction, possibly also extensions, extensions, extensions
• Financing of renovations, modernization of real estate and repairs
• Purchase of a share of real estate for the purpose of settling joint ownership and inheritance interests
• Repayment of loans previously granted and loans used for investment property

Loan Amount

• 100 thousand crowns
• 80 – 90 percent of the usual price of the pledged property determined with the co-operating value in practice this is often even less, about seventy percent; the rest must have the applicant’s own

Maturity period

• Maybe 5 – 30 years, but usually 10 – 20 years

With shorter maturities up to ten years, monthly payments are too high. Twenty-five or thirty years is too long and the credit is unnecessarily expensive. The ideal repayment period is close to fifteen years and for state-supported loans it is about twenty years.

Method of drawing

• One-off or one-off, depending on the specific purpose
• Always after the right of lien to the mortgaged property in favor of the bank

Interest rate is based on the current interest rate at the time of signing the credit agreement.

Banks give the choice between: A flat rate, which is usually fixed for 1 to 10 years; during this period, the Bank guarantees the amount of interest and state aid that was in effect at the time the contract was concluded; however, no changes or early repayment of the loan may be made without payment of the penalty fee floating rate, which varies depending on the movement of interest rates on the market and the evolution of the amount of state aid.

Fees

• For processing and evaluating the loan application; this is usually a percentage of the required amount of credit with a minimum and maximum amount; the fee is non-refundable, so banks offer preliminary consultation
• Monthly fee for loan management usually fifty to two hundred crowns per month.
• Possible fee for change of conditions
• Real estate insurance

Method of repayment

In monthly repayments most often in annuity way the total monthly repayment is the same throughout the repayment period, while in the initial repayment period the interest rate prevails, at the end of repayment of the mortgage loan there is a higher proportion of the principal deposit.

Some banks also offer digressive or decreasing or progressive or rising repayments. Together with the monthly payment you also pay a flat administration fee and, if you have arranged, mortgage insurance.

Banks impose penalties for early repayment in the amount of lost interest income this fee can be avoided if the client repays the loan earlier at the time of a fixed interest rate change stipulated in the contract e.g. five years.