MonthFebruary 2020

Loan with a supplement – a chance also for banks

It turns out that “Family on its own” is a benefit not only for borrowers, but also a chance for additional income for the bank.

The popularity of the preferential housing loan is growing from month to month. Forecasts of Good Finance and the Ministry of Infrastructure say that the potential for granting almost 18 thousand in 2009 loans.

Value of subsidies

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The value of subsidies alone will amount to USD 80 million. Another good news is the higher price limits per square meter of real estate, which may be subject to a surcharge.

Currently, Warsaw has the highest limit – USD 7,257.6. The following institutions have joined the group of financial institutions participating in the program: Honest Bank and Thrift Bank. Unfortunately, that’s the end of good news.

The mechanism of additional payments is as follows. The lender undertakes cooperation under the program with Good Finance – the administrator of the subsidy pool. After signing the contract, he begins to offer a new product on the market – a loan from the “Good Finance” program.

Its price parameters are set completely arbitrarily. It does not affect only the amount of subsidies. These are determined in accordance with the Act.

The loan will remain cheaper for the first eight years 

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Due to the fact that they can constitute up to 50 percent. installment calculated on the basis of a standard offer, the bank has an incentive to increase its margin offered in the program. Such a loan will remain cheaper for the first eight years than the offer from outside the program.

Just three months ago, the loan margins with an additional payment were at the same or lower level than standard loans, reaching an average of 1.5 points. percent. Then obtaining a preferential loan was very profitable. Today, however, loan offers with an additional margin of less than 2 percent. are rare.

They can be found, for example, at cooperative banks or at Thrift Bank, where the loan margin is only 1.45 points. percent. On the other hand, lower margins are still available in standard offers.

Worth spending time looking for real estate

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Therefore, the question becomes reasonable whether it is worth spending time looking for real estate that will meet the criteria imposed by the Credit Act with an additional payment (the area of ​​a flat or house cannot exceed 75 and 140 sq m, respectively, and the price of 1 sq m also cannot exceed indicators imposed by law). As long as there are offers on the market with a relatively low margin, the answer is: not necessarily.

The analysis of the offers leads to the conclusion that e.g. in the case of Honest Bank or Honest Bank, after the preferential repayment period, the borrower will pay a higher installment than in the parallel repayment of the loan received on commercial terms.

Of course, we can assume that after eight years we will refinance the loan for a cheaper one. In this way, we will bake two birds with one stone. However, there is no guarantee that this option will be available then. Is it worth taking a loan with an additional fee?