Home Equity Loan - Mortgage loans - Bank Millennium

• Application for information about the loan Downloadlink opens in new window (In Polish)
• Documents confirming your identity (ID or passport)

• value estimate of the property
• copy of the entry in the land and mortgage registry- applies to real estate securing the loan

Additionally, if the loan is secured by a single-family home or by an undeveloped plot of land, the following may be required:

• final occupancy permit, or – if the former is not required by law – certificate of the completion of the construction along with the information on the lack of objection lodged certified by relevant authorities, or the decision on the amount of real-estate tax
• copy of the entry in land registry or copy of the survey map
• certificate of copy from the entry in the local spatial development plan confirming real estate use classification

• Employment and income certificate Download link opens in new window
• Employment and income certificate (English version) Download link opens in new window
• Extracts from the current account for the period of the last 3 months

Margin reduced by 0,5% for Clients who fulfil the below conditions throughout the credit period:

• they are holders of personal account at Bank Millennium, to which remuneration or net income are transferred every month, and
• they are users of debit cards for account at Bank Millennium and perform card transactions in amount of minimum 500 PLN per month.

APR FOR A PERIODICALLY FIXED INTEREST RATE
Annual Percentage Rate (APR) is 10,30% and has been calculated with the assumption that the interest rate during the first 60-month fixed-rate period is 9,20% (as of 31.03.2022), while later the variable interest rate is 9,10% and WIBOR 6M is 5,05% (as of 31.03.2022). If at the time of APR calculation, the fixed interest rate is higher than the variable interest rate, then the APR calculation after the fixed rate period shall use the fixed interest rate. The total amount of the home equity loan (net of loan-financed costs) is 189 336 PLN, total amount to be repaid by the consumer 480 075,31 PLN, total cost of the home equity loan 290 739,31 PLN (including: fee for loan approval 0 PLN, interest 271 393,81 PLN, fee for increased risk until an entry is made in the land and mortgage register for 6 months 946,68 PLN, fire and other accident insurance of the real property according to the offer available through the bank 7 560 PLN, life insurance according to the offer available through the bank 10 619,82 PLN, tax on civil law transactions 19 PLN and court charges for setting up the mortgage 200 PLN), loan tenor 23 years, loan instalment 1 645,47 PLN, number of instalments 280. The calculation was made as of 8.04.2022 on a representative example, assuming that: the loan will be secured with a mortgage on a newly acquired real property worth 358 659 PLN, loan margin is 4,05% because the Customer has Konto 360°, subject to monthly payment of the salary or other net income into this account and possession of a debit card with this account as well as making non-cash transactions with this card at least 500 PLN per month. Konto 360° will then be run by the bank free of charge and the debit card service fee for this account will be 0 PLN.

APR FOR A VARIABLE INTEREST RATE
Annual Percentage Rate (APR) is 10,19% and has been calculated with the assumption that WIBOR 6M is 5,05% (as of 31.03.2022), variable interest rate is 9,10% and will remain at the level defined for the initial period during the entire period of Agreement duration. The total amount of the home equity loan (net of loan-financed costs) is 189 336 PLN, total amount to be repaid by the consumer 476 475,43 PLN, total cost of the home equity loan 287 139,43 PLN (including: loan approval fee 0 PLN, interest 267 818,65 PLN, fee for increased risk until an entry is made in the land and mortgage register for 6 months 946,68 PLN, fire and other accident insurance of the real property according to the offer available through the bank 7 560 PLN, life insurance according to the offer available through the bank 10 595,10 PLN, tax on civil law transactions 19 PLN and court charges for setting up the mortgage 200 PLN), loan tenor 23 years, loan instalment 1 632,69 PLN, number of instalments 280. The calculation was made as of 8.04.2022 on a representative example, assuming that: the loan will be secured with a mortgage on a newly acquired real property worth 358 659 PLN, loan margin is 4,05% because the Customer has Konto 360°, subject to monthly payment of the salary or other net income into this account and possession of a debit card with this account as well as making non-cash transactions with this card at least 500 PLN per month. Konto 360° will then be run by the bank free of charge and the debit card service fee for this account will be 0 PLN.

Fees, commissions and interest rates are specified in the Mortgage/Home Equity Loan Price List. Details regarding the principles and conditions of granting loans are stipulated in the Regulations on Lending to Individuals in Mortgage Banking in Bank Millennium S.A. The Regulations and the Price List are available in the Bank’s branches and on the www.bankmillennium.pl. website. Before granting a loan the Bank always evaluates the Applicant’s credit capacity and worthiness on a case-by-case basis; in justified cases it may refuse to grant the loan. The Customer may present, as security of the Bank’s receivables, real property or life insurance - outside the offer available through the Bank - under an insurance agreement concluded with an insurer from the list published by KNF.

The fixed interest rate shall remain valid for 5 years. During this period the monthly principal-interest payment of your loan will not change, because it does not depend on change of the benchmark. There is the risk that during the fixed interest rate period your monthly payment may be temporarily higher than if it were calculated on the basis of the current WIBOR 3M reference rate, used as the benchmark in calculating variable interest rate. If during validity of fixed interest rate the amount of maximum interest decreases, the fixed interest rate during this period will not change.

A fixed interest rate shall remain valid for 5 years. During this period the principal and interest instalment amount of your loan will not change, because it does not depend on changes in a benchmark. There is the risk that during the fixed interest rate period your monthly payment may be temporarily higher than if it were calculated on the basis of the current WIBOR 6M reference rate, used as the benchmark in calculating a variable interest rate. If the maximum interest rate decreases during the fixed interest period, the fixed interest rate will not change during this period. After the end of a 5-year period you can choose to apply a periodically fixed interest rate (note: it may differ from the interest rate in the previous period) for a further period of 5 years (similarly in the following periods) or to apply a variable interest rate. When you were repaying your loan instalments at a fixed interest rate, the WIBOR 6M benchmark may have increased. This means that after the end of the fixed rate period your instalment may be higher, and the total cost of the mortgage loan will grow.

During the period when a variable interest rate is applied there is a risk of interest rate fluctuations. The risk of interest rate fluctuations means that if the WIBOR 6M reference rate increases the interest rate on the loan will be higher; the amount of the monthly principal and interest instalment will then increase and this in turn increases the cost of interest and thus the total cost of the equity loan. If the reference rate is zero or negative, the interest rate on the loan during this period will be equal to the Bank’s margin.