changes in loan

Grace period is the period when you pay interest only.

Deadlines

• if your loan is intended for any purpose, the maximum grace period for principal installment is 6 months. Within this period all you pay is just the interest. In the case of a Mortgage Loan, you should start paying full principal-interest installments no later than after 24 months of lending period.
• the Bank typically gives consent to extend the grace period within 14 days (of the application submission to branch).

Documents

• application for loan amendment (download)
• up-to-date financial documents, confirming income earned by you and your Co-borrowers (if applicable), e.g. for employment contract - Employment and income confirmation (download)

Fill in the documents and submit them to any Millennium branch.

NOTE! If you have correctly serviced the loan for at least 12 months, extending your grace period will be carried out based on your application alone, with no need to verify your income again. In the remaining cases we can decide to extend your grace period without your having to resubmit the financial documents, if our decision is to be taken within 12 months of the day of issuing the last decision for which you provided the financial documents. We can use them to assess your loan repayment capacity after extension of grace period, if you declare that your income has not fallen.

Fees

Fee for extension of grace period - according to up-to-date Pricelist Kredyt Hipoteczny/Pożyczka Hipoteczna - PLN 500.

 

 

Want to shorten your grace period? You don't need to visit one of Millennium branches and can do it online. Just log on to Millenet, go to "Kredyty, "Informacje szczegółowe", drop down "Więcej" list and choose "Skrócenie okresu karencji" option.

If you want to do it in any Millennium branch, use "Application for loan amendment"(download now). The form is also available in Millennium branches.

Deadlines

• if you apply for shorter grace period in Millennium branch, please inform us about it at least 14 days before your next installment is due. If you submit the application no later than 14 days before the next installment date, the next and subsequent payments will already comprise principal and interest rates
• if you want to shorten your grace period on-line, it is enough that you aplly for shorter grace period 3 days before the next installment payment date.

Documents

• fill in Application for loan amendment (download now) and submit it to any Millennium branch
• if you apply for shorter grace period in Millennium branch, in the case of loan agreements signed after the 1st of March 2007 shortening the grace period does not require an annex. If it is necessary to prepare an annex, its cost is consistent with the current Pricelist Kredyt Hipoteczny/Pożyczka Hipoteczna
• if you apply for shorter grace period on-line, there's no need to sign an annex.

Fees

Fee for shortening the grace period - according to up-to-date Pricelist Kredyt Hipoteczny/Pożyczka Hipoteczna - PLN 200.

You can apply for a change of installment type any time during the lending period. All you have to do is just submit "Application for loan amendment"(download now). The form is also available in Millennium branches. The difference between fixed and decreasing installments consists in a different proportion between principal and interest. When you choose to repay your loan in decreasing installments, your principal installment is fixed, while interests are getting down in subsequent months, as the base for their calculation (i.e. loan amount due) is decreasing. In the system of decreasing installments your installment is relatively high at the very beginning of repayment.In the case of fixed installments debt balance is distributed evenly throughout subsequent months. The principal proportion is increasing, while the interest proportion is decreasing.

Deadlines

• you can apply for a change of installment type at any time of your lending period.
• the Bank typically gives consent to change the installment type within 14 days (of the application submission to branch, as long as your application is complete).
• if you submit your application no later than 14 days before the payment date, and the analysis concludes in approval, the new installment type shall be applicable as of the nearest repayment. Otherwise, the new type of installment shall be in force starting from the following month.
   

Documents

• application for loan amendment (download now). Fill it in and submit to any Millennium branch.
• a copy of mortgage register (valid for 3 months)
• financial documents, confirming income earned by you and your Co-borrowers (if applicable)

NOTE! If you have correctly serviced the loan for at least 12 months, the change of installment type will be carried out based on your application alone, with no need to verify your income again. In the remaining cases we can decide to change your installment type without your having to resubmit the financial documents, if our decision is to be taken within 12 months of the day of issuing the last decision for which you provided the financial documents. We can use them to assess your loan repayment capacity after extension of grace period, if you declare that your income has not fallen.

Fees

Fee for change of installment type - according to up-to-date Pricelist Kredyt Hipoteczny/Pożyczka Hipoteczna - PLN 500.

The longer lending period you choose, the lower monthly debt service costs are. Please note, however, that prolongation of lending period results in an increase in total amount of interest rates accrued. If you want to apply for a longer lending period, please submit "Application for loan amendment" (download now). The form is also available in Millennium branches.

Deadlines

• you can apply for extension of lending period at any time. Please note that we will extend it if it does not exceed the maximum lending period available.
• the Bank typically gives consent to extension of lending period within 14 days (of the application submission to branch, as long as your application is complete).
• if the analysis of your application concludes in approval and all necessary conditions are fulfilled, extended lending period (and - as a result - lower installments) shall be applicable as of the nearest repayment. Otherwise, extended lending period shall be in force starting from the following month.
  

Documents

• fill in Application for loan amendment (download now) and submit it to any Millennium branch.
   

Fees

• fee for extension of lending period - according to up-to-date Pricelist Kredyt Hipoteczny/Pożyczka Hipoteczna - PLN 500.
• the cost of mortgage register entry modification - PLN 150.

If you want to apply for a loan amount increase, please submit "Application for loan amendment" (download now). The form is also available in Millennium branches.

Deadlines

• you can apply for loan amount increase any time you wish. The Bank will give consent to it as long as you fulfil any requirements necessary and have credit worthiness to repay higher loan installments.
   

Documents

• application for loan amendment (download now)
• documents confirming the purpose of increasing the loan amount (in the case of increasing the loan amount for any purpose you have to declare that the funds will be spent on any purpose)
• a copy of mortgage register (valid for 3 months)
• financial documents, confirming income earned by you and your Co-borrowers (if applicable)
• upon giving a consent to increase your loan amount the Bank will provide you with documents to be submitted to the court in order to modify the mortgage register. Typically, loan amount increase results in a necessity to modify the mortgage entry as to its amount and to the amount of loan it secures.

NOTE! If you have correctly serviced the loan for at least 12 months, loan amount increase will be carried out based on your application alone, with no need to verify your income again. In the remaining cases we can decide to increase your loan amount without your having to resubmit the financial documents, if our decision is to be taken within 12 months of the day of issuing the last decision for which you provided the financial documents. We can use them to assess your loan repayment capacity after loan amount increase, if you declare that your income has not fallen.
NOTE! Application for loan amount increase can be approved without it being necessary to prepare a new appraisal. If it is necessary to reappraise the collateral real estate or specify the degree of loan utilization, the Bank will inform you about the level of related fees and order the investment project appraisal or control at your cost. The appraisal or control will be held after you have secured funds sufficient to carry them out.

Fees

• appraisal fees - dependant on the type of the real estate: PLN 480 or PLN 800
• depending on the stage of mortgage entry in favor of the Bank in the mortgage register of the real estate collateralizing the loan:
• if final and effective - for as long as the contents is not modified, an increased risk commission shall be charged - 1% p.a. (premium charged monthly)
• if not registered yet - you shall pay a temporary bridge insurance (premium payable monthly at 0.0833% of insurance amount)
• as a result of increasing the loan the life insurance premium will be established on the basis of new, higher insurance amount
• should the value of the real estate change, the real estate insurance premium will change too.

 

Loan amount increase commission:

• 2% for PLN loans
• 2% for Business Mortgage loans (for PLN)

The commission fee shall be paid on the date of extra funds disbursement at the latest.

Since the 1st of December 2008 Bank Millennium has been granting only PLN loans . This allows you for currency conversion exclusively to domestic currency.

REMEMBER! The Bank shall not change the currency if:

• the loan has not yet been disbursed in full (the last tranche has not been disbursed)
• there is a grace period in loan repayment
• there are late payments in loan repayment
• in the new currency the loan to value ratio exceeds max. LTV (loan-to-value ratio) level available
• you do not have the capacity to repay the higher installment.

Deadlines

• You can apply for currency conversion to PLN at any time
• The Bank typically gives consent to currency conversion to PLN within 14 days (of the application submission to branch, as long as your application is complete), as it is necessary to verify your credit worthiness.

Documents

• Fill in Application for loan amendment (download now) and submit it to any Millennium branch
• If you apply for currency conversion to PLN, provide the Bank with financial documents confirming income earned by you and your Co-borrowers (if applicable) - in the case of employment contract - employment and income certification (download now).

NOTE! If you have correctly serviced the loan for at least 12 months, currency conversion to PLN will be carried out based on your application alone, with no need to verify your income again. In the remaining cases we can decide to conduct currency conversion to PLN without your having to resubmit the financial documents, if our decision is to be taken within 12 months of the day of issuing the last decision for which you provided the financial documents. We can use them to assess your loan repayment capacity after currency conversion to PLN, if you declare that your income has not fallen.

• a copy of mortgage register (valid for 3 months)
• upon giving a consent to currency conversion to PLN the Bank will provide you with documents to be submitted to the court in order to modify the mortgage register.

Fees

If you conduct currency conversion to PLN

• annex fee - according to up-to-date Pricelist Kredyt Hipoteczny/Pożyczka Hipoteczna - PLN 500.
• if you signed the agreement before July 2004 you will incur the cost of PLN 200 for modification of mortgage entry (judiciary costs)

You can take loan holidays once a year and skip one monthly repayment.
Want to take loan holidays? You don't need to visit one of Millennium branches and can do it online. Just log on to Millenet, go to "Kredyty, "Informacje szczegółowe", drop down "Więcej" list and choose "Wakacje kredytowe" option. If you want to do it in any Millennium branch, use "Application for loan amendment" (download now). The form is also available in Millennium branches. Loan holidays are available once a year.

Deadlines

You can take loan holidays:

• once a year
• after 12 months of signing the loan agreement
• after total loan disbursement (when the final tranche was disbursed)
• after the grace period
• if there are no late payments in your debt service

If you apply forloan holidays in Millennium branch, please inform us about it at least 14 days before your next installment is due. If you submit the application no later than 14 days before the next installment date, you will not pay the next installment.
If you want to apply for loan holidays on-line, it is enough that you apply 3 days before the next installment payment date.

Documents

• fill in Application for loan amendment (download now) and submit it to any Millennium branch

Fees

• if you signed your loan agreement after October 2004 - loan holidays are free of charge
• if you signed your loan agreement before October 2004 - you will pay an annex fee of PLN 200.

REMEMBER! Next holidays will be free of charge.
NOTE! Taking loan holidays does not result in extended lending period. Lending period remains the same, and subsequent installments will increase by the amount of installment due (interest is going to be capitalized).

You can apply for adding/removing a Co-borrower any time during the lending period. All you have to do is just submit "Application for loan amendment" (download now). The form is also available in Millennium branches.

Deadlines

• you can apply for adding/removing a Co-borrower at any time.
• the Bank typically gives consent to adding/removing a Co-borrower within 14 days (of the application submission to branch, as long as your application is complete), as it is necessary to verify your credit worthiness.

Documents

• application for loan amendment (download now)
• a copy of mortgage register (valid for 3 months)
• up-to-date financial documents, confirming your income - in the case of adding a Co-borrower: confirming income of Borrowers repaying the loan after adding the Co-borrower, and in the case of removing: confirming income of the person remaining the Borrower.

The documents relating to income should be analogous as when taking out the loan; the Bank will reassess the capacity of the Borrower/Borrowers to repay loan installments after adding/removing the Borrower.

NOTE! If you have correctly serviced the loan for at least 12 months, adding/removing a Co-borrower will be carried out based on your application alone, with no need to verify your income again.In the remaining cases we can decide to add/remove a Co-borrower without your having to resubmit the financial documents, if our decision is to be taken within 12 months of the day of issuing the last decision for which you provided the financial documents. We can use them to assess your loan repayment capacity after adding/removing a Co-borrower, if you declare that your income has not fallen.

In the case of Borrowers being spouses at the time of detaching a Borrower the following are additionally required:

• documents on the basis of which removing of A Borrower takes place (e.g. notarial deed on the break-up of assets or decision of a court on divorce/separation).

In the case of adding a Borrower the following are required as a standard.

• identity documents of the person being added. 
  

Fees

Fee for adding/removing a Co-borrower - according to up-to-date Pricelist Kredyt Hipoteczny/Pożyczka Hipoteczna - PLN 500.

Together with Insurance Company Europa S.A. Bank Millennium prepared a very attractive offer of payment protection insurance.

The insurance is exceptionally beneficial - these are its core advantages:

• very attractive premium, dependant on the installment (just 7% or 9% of the installment)
• convenient system of monthly payments
• simple and Customer - friendly accession procedure based on Declaration of Consent.

We kindly invite you to learn about the details of the product.

See

• Leaflet (download now)
• General Insurance Conditions (download now)