Family at home

BENEFITS

Dream of your first flat or house?
Now it is so close you can get it!

Thanks to low installments you will repay your loan without any difficulty!
Bank Millennium now offers mortgage loans subsidised within the government programme ‘Family at home'.

Our loan will not be an excessive burden for you because:

• we offer very attractive conditions, including low margins and interest rates

Additionally, there is an option to lower the spread by 0.3 p.p. within the lending period *.

• the Treasury will be paying up to 50% of the interest on your loan for the first 8 years of the lending period.
  
  

Preferential loan in Bank Millennium is:

• installment lower than in the case of standard loan
  
  • very attractive spreads and interest rates
  • lower interest rates due to subsidies from Subsidies Fund of Bank Gospodarstwa Krajoweg
    
•  low loan granting costs
  
• loans up to 100% of real estate value
• benefitial lending period - up to 35 years

What are your needs?

• I want to buy a flat or a house

  What can you spend Millennium Mortgage Loan on?

  • purchase a single-family home ownership in the secondary market
  • purchase of property ownership in the secondary market
  • purchase single-family house construction from the co-operative housing
  • purchase single-family house construction from the developer's property
  • purchase single-family house construction from a third party
  • cooperative Purchasing the right to a detached house on the secondary market
  • the right to purchase a cooperative apartment on the secondary market
  • purchase of finished flats from the developer of the property on the primary market
  • purchase of finished flat on a housing cooperative in the primary market
  • buying a house under construction from the developer's property
  • buying a house in the construction of a housing cooperative
  • purchase of finished single-family house from the developer of the property on the primary market
  • purchase of finished single-family house from a housing cooperative in the primary market
  • carrying out of works (excluding installation, repair, demolition of a work) of a residential building or a building or premises for other purposes, in order to obtain a single family house or a separate dwelling constituting a separate property 
    
     

• I am building a house

  What can you spend Millennium Mortgage Loan on?

  • DIY building of a house
  • building a house by a developer, housing co-operative, general contractor

  
  What benefits will you get?

  • plot of land constitutes a downpayment, as a result you don' t need to have ready cash
  • base for establishment of maximum loan amount is the current and future value of the real estate - you may be granted a loan up to 100% project costs
  • the opportunity to finance each stage of house construction: simultaneous purchase of plot of land and house construction, as well as cosntruction to  ‘property developer's standards' or partly construction
  • the opportunity of credit loan granting commission and real estate appraisal fee  - up to 2% of the loan

Extra benefits:

• acceptance of a wide variety of income sources
• many facilities for house-constructors (plot of land is treated as downpayment, option to finance each stage of house development,
• convenient debt service:
  - Customer - friendly service available through branches, TeleMillennium and Internet service
  - option to handle orders connected with debt service via Internet

*  Promotional conditions for applications submitted from 13th September 2010 in the case of Borrowers who fulfill the folowing conditions within the lending period:
- hold C/A with BM
- use BM debit card (and make average monthly spending of PLN 500) - verification each 3 months 

Real Annual Interest Rate from 6,91% to 8,45% for PLN loans - as of 07.05.2012.

DETAILS

Loan amount

Minimum loan amount: PLN 20 thds
Maximum loan amount: up to 100% of collateral real estate value. What's more, the maximum loan amount depends on your income

Lending period

Minimum lending period: 6 years
Maximum lending period: 35 years

Loan currency

PLN

Loan disbursement options

The loan may be disbursed in one or more tranches

Loan repayment

You may choose to repay your loan in fixed or decreasing installments.

Within the lending period you can use a number of facilities. We offer:

• 24 months' grace period - opportunity to postpone loan principal repayment
• earlier repayment option - no fees are charged after 3 years of lending period as well as within the first three years, unless total amount of early repayments exceeds 30% of loan amount granted.

Who is entitled to take out ‘Family at home‘ loan?

• families and single parents of at least one child:
  - a juvenile child
  - a child, regardless of their age, receiving attendance allowance
  - student children up to 25 years old
• persons who are not married
  
• people who are not:
  - owners or co-owners of a residential building or flat
  - entitled to the cooperative member's ownership right to residential premises, (i.e. flat or single family house)
  - entitled to the cooperative member's tenant right to residential premises- tenants.
  
• people who are not and were not a party to other preferential housing loans.

NOTE! applications  for "Family at home" mortgage may be made by persons up to the end of the calendar year in which they complete 35 years of age (in the case of married couples, this rule applies to one of the spouses)

What properties may be credited under the programme ‘Family at home'?

• flats up to 75 sq. m. and houses up to 140 sq. m. in the case of married couples and single parent of a child
• flats up to 50 sq .m. in the case of persons who are not married
• properties that meet the statutory price limits (determined based on the average conversion rate of the replacement cost of 1 sq. m of usable floor space of residential buildings).
  

Loan collateral

Find out what collaterals will be required from you on granting the loan.

INTEREST RATES

Bank Millennium offers mortgage loans with variable interest rates.  Interest rates change each 3 months.

Precise interest rate of your loan depends on the loan amount and the relation of your loan amount against the value of collateral real estate.

Check mortgage interest rates in Bank Millennium:

NOTICE! an option to lower the spread by 0.3 p.p. within the lending period for applications submitted from 13th September 2010 in the case of Borrowers who fulfill the folowing conditions within the lending period:
- hold C/A with BM
- use BM debit card (and make average monthly spending of PLN 500) - verification each 3 months 

FEES

Loan granting commission fee within programme "Family at home"

Real estate related fees

* the fee is charged after a positive credit decision, as the condition to signing loan agreement

Mortgage Loan early repayment fee

Other fees for Mortgage Loan "Family at home"

COLLATERALS

In order to be granted a loan within programm "Family at home" in Bank Millennium, you should have a proper collateral. Final collateral of Millennium mortgage loan is:

• final entry of the first mortgage on a residential real estate entered in favour of Millennium

NOTE! Please note that mortgage may be collateralized with a real estate other than the one being financed, any real estate which belongs to you or to a third person.

• assignment of rights under real estate insurance
• assignment of rights under life insurance of the Borrower

NOTE! If you don't wish to buy insurance on your own, we are here to help you - you can join group real estate and life insurance and enjoy double benefits - pay low premiums and save time (you don't need to annually provide the Bank with assignments of rights under real estate and life insurance).

Until final collateral is established a temporary collateral shall be used. Standard temporary insurance in Bank Millennium is bridge insurance, i.e. loan insurance until final entry of the first mortgage on a residential real estate in favour of Millennium is entered.

NOTE! Monthly bridge insurance premium in Bank Millennium amounts to just  0.0833% of loan amount. The Bank will attend to all the formalities for you - all you need to do is just tick bridge insurance option in your loan application.

Optionally, you may want to provide for additional protection. Bank Millennium offers you to take advantage of payment protection insurance.