Czech Republic REAL ESTATE MORTGAGE LOANS BANKS

In the Czech banking services, mortgage providers, uses more than half the population.

Bank may extend credit to the real estate purchased no more than 60% of the amount of the purchased real estate and not more than 15 years. Ownership, in this case, immediately transferred to the buyer of real estate, while in the land register entry is made on the limitation of ownership to the buyer in connection with mortgage loans. Application processing time for obtaining a mortgage loan is 1 month.

Annual interest rate depends on the period of early repayment and modification of contract terms of lending (fixed term), ie period when you and the bank appears right to premature partial or full repayment of the loan amount and changes in interest on the loan in one direction or another. The less time fixing, the lower the interest rate, because in less time more predictable discount rate of the Central Bank of the Czech Republic. The amount of early partial or full repayment of interest is not taxed.

Alternatively, another mortgage, so-called “reverse credit”. ie You can count on their personal or borrowed money to buy property and under contract for a loan from a third party, bank transfer a pathway to the borrower, regardless of country of residence under the same conditions as in obtaining conventional mortgages. But in the case of the reverse loan interest rate is usually slightly higher. Banks in the Czech Republic offer mortgage loans in Czech crowns. Term of consideration of the question bank mortgages after filing the required package of documents on average a month.

Mortgages in the Czech Republic (mortgage) on a legal person is granted the bank up to 15 years in the amount of up to 60% of the value of the property.

Repayment of mortgage loan (mortgage) should be equal monthly installments.