A special-purpose loan means that the bank determines what the debtor uses the money for. The most common reason for use is the solution of the housing situation. The client can secure such a loan either only by demonstrating a sufficiently high own income or by pledging the property. In some cases, the bank requires collateral by the guarantor.
Types of special-purpose loans
1 / Housing mortgage – the loan must always be secured by real estate
2 / Mortgage with non-purpose increase – the loan is also always secured by real estate. In addition to the basic classic mortgage loan, some banks provide an additional amount of money in the tens of percent, which is the way the client uses the money. The interest rate is as low as it would prove the purposefulness of using money.
2 / Building savings loan – the so-called “regular loan”. In most cases it is sufficient to prove sufficient income or to find a guarantor. For a higher loan, it is necessary to stop the property
3 / Inter-loan / bridging loan from building savings – this is the type of loan taken by the building savings owner who has not yet met the conditions for a regular building savings loan
Possibilities of using special-purpose loans
1 / Acquisition or reconstruction of a residential property
2 / Repayment of obligations in connection with the housing situation
3 / Repayment of another special-purpose loan, the so-called refinancing
Choosing a suitable type of special-purpose loan
For this type of debt, in addition to the interest rate, the ancillary costs associated with any insurance or other charges should be considered. However, the possibility of repayment of part of the loan free of charge should not be omitted.
The differences between individual banks are relatively minimal, but it is advisable to pay great attention to the selection of a suitable financial institution. In this way, a considerable amount of money can be saved. If special combinations can be used in the form of a mirror mortgage, the savings can be even higher. For building societies, the differences are much more pronounced, and therefore a good financial advisor in this area is literally priceless.
The repayment period can be most influenced by the borrower for mortgages. On the other hand, in building savings time is dependent on a large number of parameters. If we add that the number of building societies operating on the Czech financial market is five, an experienced consultant has the price of gold.
Benefits of meeting a comprehensive loan specialist
- Non-binding and free consultation
- Find all energy saving options
- Settle administration in one place
- Discuss possible combinations you will save on
- Calculate multiple banking houses for easier orientation without losing your precious time
- Select the bank that best suits your requirements
- You do not have to circulate the banks and find out the differences and make a difficult analysis