Mortgage Loan

BENEFITS

Millennium mortgage is a housing loan - for the funds you get you can buy a flat of your dreams or fulfill your plan to build your own house!

Why choose Millennium Mortgage Loan?

• spread just from 0.99%*
• loan up to 100% real estate

Extra benefits:

• low installments - additionally, in 'Family at Home' programme up to 50% of interest rates of your loan in the first 8 years of your lending period will be covered by the Treasury
• low fees and commissions connected with loan granting and servicing:

- Bank does not charge early repayment commssion after 3 years of lending period and within the first 3 years, if excess payments do not exceed 30% of original loan amount 

• acceptance of numerous sources of income

What are your needs?

• I want to buy a flat or a house

  What can you spend Millennium Mortgage Loan on?

  • purchase of a flat or house (ready-to-move or in construction) from a developer, housing co-operative or a private person
  • transformation of a tenancy co-operative title to a co-operative ownership title to a house/flat
  • purchase of a municipal and company flat/house
  • purchase of a share in real estate
  • purchase of agricultural real estate with a residential building
  • purchase of land for housing development (also with an unfinished house)
  • refinancing costs incurred for residential purposes within the last 12 months

  
  
  What benefits will you get?

  • extra funds for renovation/redecoration or furnishing - up to 100% of the collateral real estate value
  • option to repay consumer loans with other banks
    

• 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
  • building an all-year house on a recreational plot of land
  • refinancing costs incurred for residential purposes within the last 12 months

  
  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 future value of the real estate after its completion - you may be granted a loan up to 100% of the collateral - the plot and the house after its construction and completion
  • 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
  • no obligation to present invoices for materials purchased and services paid
  • the opportunity to refinance spendings borne previously (financial means acquired based on this opportunity may be spent according to your individual preferences, e.g. for furnishing)

• I want to refinance a mortgage with another bank
  • extra funds for renovation/redecoration or furnishing - up to 100% of the collateral real estate value
  • option to repay consumer loans with other banks
    

Building a house? We've got a number of extra benefits for you:

• 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 future value of the real estate after its completion - you may be granted a loan up to 100% of the collateral - the plot and the house after its construction and completion
• 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
• no obligation to present invoices for materials purchased and services paid
• the opportunity to refinance spendings borne previously (financial means acquired based on this opportunity may be spent according to your individual preferences, e.g. for furnishing)

* Promotional spread for PLN 300 thds with 30% LTV in the case of Borrowers who fulfill the following 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 7th of May 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:

• loan holidays - the option to skip one monthly repayment within a year
• 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.

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:

NOTE! 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. 

Home equity interest rate applies to funds intended for non-housing purposes.

If you already know how attractive interest rates of our loans are, use our mortgage loan calculator and check your credit worthiness.

FEES

Loan granting commission fee

Real estate related fees

* the fee is charged on submitting loan application or application of contract amendment.

Mortgage Loan early repayment fee

Other fees for Mortgage Loan

COLLATERALS

In order to be granted a loan 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.