Preliminary Loan Approval without real estate appraisal

As of now when a Customer does not have an up-to-date home appraisal, for the purposes of analysing the loan application the value of the real estate declared by the Customer will be accepted. The analysis will result in either a positive Preliminary Loan Approval (Polish acronym: WOK) or a negative decision. Preliminary Loan Approval tells the Customer that the requested loan can be had in the requested amount, without the need to pay for home appraisal.
This is yet another stage of the changes. We aim to make the mortgage loan application process as easy as possible for Customers, this is why we resigned from the requirement to have a home value appraisal before the analyst verifies the Customer's credit capacity. In this way, without having to pay any costs, Customers can check the amount and terms and conditions of the loan they can get from us - says Agata Chrzanowska, Director of the Mortgage Banking Marketing Department in Bank Millennium.
Additionally Customers of Bank Millennium are kept informed about important stages of the loan approval process. Persons applying for a mortgage loan will get texts about processing the application already 24 hours after the analyst has decided. Also a text will be used to inform them that the loan has been disbursed – the information ism sent immediately, after the money has been transferred as instructed by the Customer.
Bank Millennium Mortgage Loan benefits:

• Spread starting from 0.99% for active customers*
• LTV up to 100%
• Transparent procedures

Moreover Bank Millennium offers:

• Low instalments – in the "Family at Home" programme up to 50% of loan interest in the first 8 years is paid by the State Treasury (concerns applications submitted up to 31.12.2012)
• Low loan approval and administrative fees: 
  • No early payment fee if the amount of overpayments does not exceed 30% of loan amount
• Various sources of income are eligible.
   

*Promotional spread on a loan from PLN 300,000 and LTV up to 30%, if the customer keeps a personal account in Bank Millennium during the whole loan tenor, his salary or net income is transferred to this account and he uses the debit card to the account (makes card transactions amounting to PLN 500 per month).