Loan for a flat without own contributionUncategorized
In recent years, there has been a noticeable drop in the value of housing loans and real estate prices. This is a signal, let us warn against the deterioration of the situation on the construction market. This phenomenon can certainly be seen with the naked eye in many larger cities in Poland. The Polish Financial Supervision Authority has also introduced its own recommendations. In other words, a gradual increase in the required minimum own contribution to buy your own house or apartment. As it turns out, however, it is a barrier that we can easily pass through. There are a few very simple ways to deal with the lack of cash and thus bypass the tightening introduced by the Polish Financial Supervision Authority.
From year to year we could notice the phenomenon of complete disappearance from the Polish mortgage market without so-called own contribution. This situation occurs due to the so-called provisions of Recommendations which was issued by the Polish Financial Supervision Authority. These provisions tightened the criteria for loans granted and forced banks to tighten the screw by tightening the security of the banking system and the borrowers themselves against credit risk.
It is getting harder and harder to get a mortgage
And the own contribution to finance the purchase of real estate is around 10 percent. Unfortunately, not everyone is able to meet these requirements, which is why this one of the most beneficial banking products is becoming more and more unachievable. Poles’ creditworthiness increases as interest rates fall. However, the requirements of an ever-increasing own contribution are particularly striking in young people who are looking for opportunities to make their own apartment dreams come true.
Wanting to take out a housing loan for 450,000 PLN?
We have little chance. Such a loan can afford a family of three with an income of 5 thousand. PLN net per month, and for many young people this is an impossible condition. The debt incurred in this amount corresponds to almost 90 times the monthly salary.
In the case presented above, a family of three would have to borrow for about 30 years, use a bank account and credit card, and in many cases also additional insurance offered by the bank. However, as it turns out in accordance with the recommendations of the Polish Financial Supervision Authority, to receive a loan in the amount of PLN 450 thousand zlotys, it must even have about 45,000 Gold own contribution.
Banks are allocating fewer and fewer cash loans
Which is certainly caused by ever more severe exacerbations at the stage of applying for a loan. Often, one of the elements that an average Pole cannot meet is of course creditworthiness. Let’s remember, however, that there are a few simple ways to increase your ability in a simple way. At the stage of applying for a loan, it is worth consulting with a financial advisor.