Precisely, it's known that a mortgage credit can be used to finance the purchase of a flat or a house, but do you know that banks also finance the purchase of building land and construction of a house?

Review of bank offers on our market, listed what can be financed with a mortgage credit (Note: not all banks offer the purposes mentioned). WHAT CAN BE FINANCED WITH A MORTGAGE CREDIT

purchase of a flat, house, apartment, summer house
purchase and communal development of land intended for residential construction
purchasing of garages and parking spaces
construction, completion, expansion, and reconstruction of a residential object
interior decoration and adaptation
improvement of energy efficiency
landscaping and gardening of the yard
financing of land registers
refinancing of existing mortgage credit (approved in another bank or existing)

Banks also offer various mortgage credit models that differ by conditions such as:

effective interest rate (EKS)
nominative interest rate
fixed, variable or a combination of fixed and variable interest rates
duration of the fixed interest rate period
approved credit amount in relation to the estimated value of the property (LTV)

The highest interest rates have standard mortgage credits, and the nominal interest rate and instruments of credit protection depend on whether you meet the requirements for some of the mortgage credit models, for example, age up to 40 years for a young credit or buying an apartment with an energy class "A" and thus meeting the conditions for a Green / Energy / Eco loan. METHODS OF MORTGAGE CREDIT

Standard mortgage credits: regular offer of mortgage credits
Mortgage credit secured with insurance payment: more favorable lending conditions if you conclude an insurance agreement for the payment of the loan so that in the case of unwanted and unforeseen life situations, mortgage obligations can be met
Young people's mortgage credits: credit for young people up to 40 or 45 years, depend on the bank
Green / Energy / Eco Loans: credits for purchasing a property with an energy class B, A, and A+, depending on the bank
POS loans: credits intended for purchasing apartments in a POS program. In the offer are those banks that have a partner agreement with a relevant APN.

Among the available options, there are also credits intended for employees of companies that have a partner agreement with a bank for more favorable lending conditions for their employees, so check with a banker whether you have more favorable lending conditions considering your employer. RECOMMENDATION: • Get familiar with the offers of several banks (not only the bank you work with) • Think about all the models of mortgage credit • Contact a banker or credit broker for explanation of conditions and comparison of credits, so as to choose a credit that best meets your needs Author: Martina Mataić Škugor

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