Mortgage Loan

About the loan

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?

  • spreads lower by 0.5% compared with standard spreads for Customers who actively use the Bank's selected services*

Extra benefits:

  • low installment
  • low fees and commissions connected with loan granting and servicing
  • the Bank does not charge early repayment fee after 4 years of lending period and within the first 4 years if excess payments do not exceed 30% of original loan amount
  • acceptance of numerous sources of income

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
  • 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)

* Spread reduced by 0.5% for Customers who meet the conditions below, during the entire loan period:
- have a personal account in Bank Millennium, to which the salary or net income is transferred every month and
- are users of a debit card from Bank Millennium (make at least PLN 500 worth of non-cash transactions with the card during a month).

APR is 4.45% and was calculated assuming that WIBOR 3M rate is 1.71% (as at 30.09.2016). To calculate the APR on: the amount of credit 210 000 PLN, for granting commission 0%, installment credit - 991 PLN, variable nominal interest rate of 3.90%, LTV - 82%, fee for increased risk until the mortgage is written for the period of 6 months in the amount of PLN 1050, property insurance against fire and other perils according to the offer available through the Bank - the monthly premium 19 PLN, life insurance, according to the offer available through the Bank - the monthly premium 42 PLN, PCC and court fees for the establishment and cancellation of mortgages - total: 319 PLN, the credit period 30 years; taking into account the Client has a personal account of the influence of remuneration and a debit card in Bank Millennium and perform with the card for cashless transactions totaling min 500 PLN per month.

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?

    • 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
    • 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

    • option to repay consumer loans with other banks

Details

  • Loan amount

    Minimum loan amount: PLN 20 thds.
    Maximum loan amount: depend on an assessment of creditworthiness Applicants.

  • Lending period

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


  • 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 4 years of lending period as well as within the first 4 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

Fees

Loan granting commission fee 0%
  • Fee for opinion of collateral value

    Apartment / plot of land  PLN 480*
    Dwelling house (detached house / terraced house / semi-detached house / all-year summer house)  PLN 800*
    Investment control (for mortgage loans disbursed in tranches)  PLN 300

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

     


  • Mortgage Loan early repayment fee

    After 4 years of lending period as well as within the first four years, unless total amount of early repayments exceeds 30% of loan amount granted  0%
    In other cases  2%
     

  • Other fees for Mortgage Loan

    Commission for PLN loan amount increase  2%
    Risk commission (charged monthly until mortgage is registered)  0,0833% 
    (1% per annum)
    Commission for issuance of certificate /opinion  PLN 100
    Commission for issuance of certificate re. interests paid on mortgage loan  PLN 6
    Annex fee/ operations  from 200 to PLN 500

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 in Bank Millennium is risk commission 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.

Mortgage loan guide

How to get a mortgage loan in Bank Millennium

More details

For detailed information contact your nearest Bank Millennium Financial Centres