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).

Fees, commissions and interest rate are stipulated in the Mortgage/Home Equity Loan Price List. Details concerning the principles and conditions for 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 www.bankmillennium.pl. The Bank will assess the Applicant’s credit capacity and creditworthiness on a case-by-case basis prior to granting the loan; in justified cases the Bank may refuse to grant it.

Promotion 0% commission valid for applications Mortgage Loan, Mortgage Loan in “Flat for the Young” programme, Consolidation Loan and Home Equity Loan submitted to 30.04.2017. Annual Percentage Rate (APR) is 4.40% and it was calculated with the assumption that WIBOR 3M is 1.73 % (as of 30.11.2016). Total loan amount (net of debt-financed costs) is PLN 200,000; total amount due is PLN 325,229.38; variable interest rate 3.82% (however it may not be lower than the minimum interest rate of 3%); total cost of the loan PLN 125,229.38 (including: loan approval fee PLN 0; interest PLN 110,768.95; fee for increased risk until the mortgage is written for 6 months in the amount of PLN 1002; real estate fire and other accidents insurance as per the offer available via the Bank PLN 5,700; life insurance as per the offer available via the Bank PLN 6,959.43; fee for real estate value appraisal PLN 480; Tax on Civil Law transactions as well as court fees for writing and removing the mortgage – PLN 319 in total); loan tenor 300 months; loan instalment PLN 1,035.90. The calculation was made as of 31.12.2016 on a representative example, assuming that: value of loan security is PLN 250,000 and the loan margin reflects possession by the Customer of a personal account with monthly inflows of salary or other income (net) and a debit card in Bank Millennium as well as making non-cash transactions with this card in the minimum amount of PLN 500 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