Questions and answers

Pytania i odpowiedzi

  • What does my loan amount depend on?

    Loan amount depends on your credit worthiness, loan purpose and collateral real estate value.

  • What interest rates does Bank Millennium offer?

    We offer variable interest rates which depend on market reference rates. Currently Millennium mortgage interest rates are based on 3M WIBOR rate. Interest rate consists of reference rate and the Bank's margin which is fixed throughout the whole lending period. The level of margin depends on the loan amount and your downpayment.

    Find out how competitive our interest rates are

  • What sources of income does Bank Millennium accept?

    We accept various forms of employment and income:

    • contracts of specified and unspecified duration
    • Civil Law contracts e.g. contract of mandate or contract to perform a specified task
    • contracts
    • income from real estate rent (out of business activities)
    • regular old-age or disability pension of unspecified duration
    • business activity
    • income from farms
    • income of sailors and other people employed on ships

  • What needs can you fulfill with the help of Millennium mortgage loans?

    Millennium mortgage is intended for housing purposes, e.g. house construction, purchase of a flat/house on a primary/secondary real estate market, renovation, upgrade or extension of a house or a flat, as well as mortgage loan refinance.

    Go to Mortgage Loan for more information on the potential of Millennium mortgage

    Home Equity Loan may be intended for any purpose of your choice (apart from business activity). Due to favourable interest rates and the opportunity to get a high loan amount (up to 70% of collateral real estate value), home equity loan is more competitive than standard cash loans.

    Go to Home Equity Loan.

    Debt Consolidation Loan may be intended for repayment of numerous liabilities you have with other banks on less favourable conditions. Thanks to Debt Consolidation

    Loan in Millennium you can change expensive consumer loans into a single loan with beneficial interest rates and a single monthly payment.

    Go to Debt Consolidation Loan.

  • How long do I have to work in order to apply for a mortgage loan?

    If you have a contract of specified or unspecified duration, you need to have worked for at least 3 months. On top of this, in the latter case your overall job tenure cannot be shorter than 6 months.

    If you earn your income from Civil Law contracts (e.g. contract of mandate or a contract to perform a specific task), your overall tenure shall not be shorter than 12  months.

  • What is minimum and maximum loan amount available in Millennium?

    Minimum loan amount is PLN 20 thds. In Millennium we don't have a cap for maximum loan amount. The loan amount depends on your credit worthiness and collateral real estate value. 

  • What lending period can I choose?

    Millennium mortgage loans are granted for up to 35 years.
    In the case of Home Equity Loans (granted for non-housing purposes) maximum lending period is 25 years.

    If you intend to consolidate your current consumer loans, you may count on 30 years' lending period.

    Please note that on final repayment of Millennium mortgage the Borrower shall not be older than 75.

  • What is earlier repayment? Do I need to sign an annex?

    Earlier partly repayment results in lower debt balance. In order to do that, all you need to do is to inform the Bank of your intention by submitting application for earlier repayment.
    Please tick one of the below-mentioned options in the order:

    • lowering the monthly installments within the hitherto lending period
    • shortening the lending period and maintaining the hitherto monthly installment.

    Earlier repayment option is connected with a commission fee according to the current Pricelist Kredyt Hipoteczny/Pożyczka Hipoteczna. However, the fee shall not be higher than the earlier repayment commission stipulated in your loan agreement (if it was mentioned). The commission is charged based on the amount subject to earlier repayment. The funds that are meant to cover its cost shall remain on your account from submission of the order until its implementation.

    Earlier repayment does not require preparing an annex.

  • How long does it take the Bank to process a loan application?

    The Bank may give a credit decision within 24 hours even if the customer's credit application is complete ie. They correctly complete all required fields in the credit application and the complexity and successfully verified by the bank will be set required with the application documents. The pace of the process is largely influenced by the client of the bank, including by ensuring the completeness of the required documentation, efficient replenishment of any deficiencies, etc.

  • Is it possible to repay a housing loan with another bank with Millennium mortgage?

    Yes. Millennium Mortgage Loan can be intended for repayment of a housing loan you have with another bank. 

  • What can Debt Consolidation Loan be intended for?

    Millennium Debt Consolidation Loan may be intended for repayment of the following liabilities:

    • housing loans
    • car loans
    • installment loans
    • cash loans
    • credit card limits
    • c/a overdrafts
    • other consumer loans.

    Favourable loan conditions and convenient repayment make a change of numerous consumer loans into a single Debt Consolidation Loan with Millennium very cost-effective.

  • How do I repay my loan? What is the difference between fixed and decreasing installments?

    Your account is charged with monthly installments in the amount which comprises the principal installment and the interest installment (unless you have a grace period and repay interest only).

    The difference between fixed and decreasing installments consists in a different proportion between principal and interest. In the case of fixed installments debt balance is distributed equally throughout subsequent months. The principal proportion is increasing, while the interest proportion is decreasing. At the end of lending period an installment comprises mainly the principal.

    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.

    When repaying your loan in fixed installments, you initially start with lower installments than the ones you would have to repay in the case of decreasing installments, which contributes to greater comfort and is a lesser burden for your home budget. Fixed installments are recommended to people with predictable financial situation who expect it to stay unchanged or improve.

    The advantage of decreasing installments is lower interest costs throughout the whole lending period. The reason for it is that in the case of decreasing installments you repay the principal quicker, and the interests due in subsequent months are calculated based on lower and lower amount. Such a system of monthly repayments is a good solution for those who are in a position to pay more initially, but expect their financial situation may change with time. That is why they prefer to provide for security in advance and choose the option which in time is going to get less demanding financially.

    When you take advantage of grace period, each month all you repay is just interests, and the interests are calculated based on the loan amount disbursed. After the grace period you start repaying full installments comprising the principal and the interests.

    In the case of loan holidays, you skip one monthly repayment (principal plus interests).

  • What is a grace period?

    Grace period is a period when you pay interest only.
    Total grace period within the lending period shall not be longer than 24 months. If you use funds for any purpose (Home Equity Loan), the maximum duration of grace period is 6 months. In the case of a housing loan you start to repay the full installment (principal plus interests) after 24 months.

    Grace period is obligatory when the loan is disbursed in tranches and is intended for:

    • purchase of property right or a co-operative ownership right to a house/flat in construction
    • construction of a house or renovation/extension/upgrade of a house/flat.

    Grace period shall then last until the last tranche of the loan is disbursed and the construction is finished.

  • Is it possible to take advantage of grace period when repaying a Mortgage Loan?

    Yes. In the case of Mortage Loans we offer grace period up to 24 months. If you repay Home Equity Loan, it is possible to postpone repayment of the principal by 6 months. Within the grace period all you repay is interests on the loan disbursed.

  • Is it possible to combine the Applicants' income?

    Yes. There may be up to four Applicants /not necessarily relatives/ applying for a loan in Bank Millennium. What it basically means is that credit worthiness analysis may be conducted based on total income of the people applying for the loan.

    Also in the case of a single person it is possible to analyze their credit worthiness based on income earned on a number of sources (e.g. on employment contract and Civil Law contracts).

  • I have been running my business for some time? Can I get a loan?

    In order to get a mortgage loan, it is enough that you run your business activity for at least 12 months.

  • What is replacement value of the real estate?

    Replacement value applies to houses in use. It equals the expenditures to be incurred to rebuild the building in case of a total damage. It should be calculated in accordance with principles of construction materials and works calculation and should take into consideration hitherto size, construction, technology and materials of the building.

  • What is final collateral of the loan?

    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

  • Can Millennium mortgage be collateralized with a real estate other than the one being financed?

    Yes. Our 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.

  • What is loan holiday?

    Each year you can skip one monthly repayment in due date and take loan holidays.

    There is no obligation to visit one of our branches, you can apply for loan holidays on-line. It is enough to log on to Millenet, go to "Kredyty", "Informacje szczegółowe", drop down "Więcej" list and choose "Loan holidays" option. You can also apply for loan holidays via "Kontakt" option on

    If you want to apply for loan holidays in one of Millennium branches, where you can receive application for loan amendment. 

    Loan holidays are available after 12 months of debt service with Millennium.

  • How long does it take to sign the agreement after a positive credit decision has been taken?

    How quickly the agreement is prepared and presented for you to sign depends to a considerable extent on how quickly you meet preconditions for agreement. 
    Remember that along with the loan application you also submit documents that have to be provided for the loan to be approved, i.e.:

    • financial products documents (e.g. statements from current accounts, bank opinions),
    • income documents (e.g. employment and income certification or Civil Law contracts, i.e. contract of mandate or contract to perform a specific task),
    • loan purpose documents (e.g. preliminary real estate purchase agreement),
    • collateral documents (copy of mortgage register of collateral real estate).

    At each stage of loan approval you may be asked to provide additional documents or information. This may also happen after the credit decision is taken and before your loan agreement is signed. If you fail to provide them in due time, it will delay signing the agreement. The document will not be prepared until all the required information is supplied (i.e. preconditions for loan agreement are met).
    After the agreement is prepared, it is delivered to Millennium branch. Using contact data from your loan application, one of our staff members will invite you to sign it at your convenience.
    The loan agreement should be signed no later than 60 days after credit decision is taken. If the loan agreement is not signed by that day, the credit decision becomes invalid.

  • Is it possible to look into the loan agreement before signing it?

    Yes, before you sign the agreement, you may ask to be shown specimen loan agreement in Millennium branch. Remember that this document is only for general information purposes.

    In the case of each Customer an individual agreement is prepared, containing provisions, which are valid for their individual situation (e.g. personal data of the Applicant or a list of preconditions to be met for funds to be disbursed etc.). You can also look into your individual agreement and its specific provisions.

    Most of information useful in the loan approval process is also contained in Bylaws governing lending to individuals under the mortgage banking services in Bank Millennium S.A.

  • When will my loan be disbursed?

    It is up to you when your loan shall be disbursed. Before the Bank transfers the funds to an account, you need to submit a disbursement order after signing the agreement.


    • loan/tranche disbursement shall take place within validity of loan agreement. The agreement is valid for 60 days of its preparation. The date of preparation is on the first page of the agreement in its letterhead.
    • disbursement of the last tranche shall take place no later than 24 months of signing the agreement.
    • disbursement of the last tranche shall take place before expiration of grace period.
    • loan/tranche disbursement shall take place on the date you indicated in disbursement order, after you have met all the preconditions for disbursement stipulated in the loan agreement.

    Loan disbursement order shall be submitted no later than 3 days before you plan to disburse the funds. This implies that if you want to disburse the loan e.g. on Thursday, the order shall be submitted on Monday at the latest.

    If your loan shall be disbursed in tranches (whose amounts shall be provided for in preliminary agreement or Specification of costs and construction progress), the Bank may require an investment control before a tranche is disbursed. Loan disbursement order shall be then submitted no later than 10 days before you plan to disburse the funds.

    You can download disbursement order form on the Bank's website, using Required documents application. You can also receive such a form in any Millennium retail branch. Upon its completion, please sign it and deliver to the Bank.