How to get a loan for an apartment?

The purchase of an apartment is a serious investment, which usually requires the use of external financial support. Are you planning to take out a loan that allows you to buy real estate? Check how to get a loan for an apartment. By using the tips below, you increase the chance of getting the missing money.

High real estate prices make it difficult to buy your own flat in cash. This is confirmed by statistics – almost 4 million people have a housing loan. The way to obtain it is not as fast and simple as in the case of cash loans. However, you can increase the likelihood of getting financial support. Check how to get a loan for an apartment in a few steps.

Loan for a flat – guide

If you want to take out a loan for an apartment, the guide will help you apply for this type of financing. It is worth being aware that submitting the application should be preceded not only by the analysis of credit offers, but also by collecting all necessary documents.

Build a credit history

Banks thoroughly verify the credit history of the person applying for financial support. Not only a negative story, but also the lack of it can affect a negative decision. If you haven’t taken any credit so far, it’s time to change it. Take equipment in installments, use a credit card, take out a small cash loan – this will allow you to build a positive history and increase the chance of a positive decision of the bank.

Compare home loan offers

The loan is uneven, so compare the offers available. They differ primarily in terms of financing conditions and costs. Choosing an accidental loan for an apartment can cost tens of thousands over the entire repayment period.

If you want to learn how to get a loan for an apartment – affordable – consider, among other aspects such as:

  • APRC – a parameter talking about interest and non-interest costs to be settled,
  • loan period,
  • required formalities,
  • amount of own contribution.

The more parameters you compare, the more appropriate housing loan you will choose.

Collect funds for own contribution

Own contribution is a prerequisite to receive financial support. Therefore, you must raise the required capital before submitting your application. Its amount depends on both the value of the property being purchased and the conditions of the bank itself. Most often, the minimum own contribution is 10%. However, the higher, the greater the chance of a positive credit decision.

Collect necessary documents

If you already know in which bank you will apply for a loan for housing, it’s time to gather the required documents. Although each institution may rely on internal procedures, most often the application must be accompanied by:

  • certificate of the amount of remuneration received,
  • employment certificate
  • identity documents,
  • documentation regarding the purchased property.

Some banks may require the submission of employment contracts or mandate / specific work contracts for specific periods.

Submit an application

The last stage is submitting a loan application to the selected bank. Then there is nothing else to do but wait for the decision. If it is positive, then the borrower must complete other formalities, including signing a loan agreement.

Are you wondering how to get a home loan? You don’t have to apply for it yourself. You’ll get the support you need – from choosing a specific loan offer to completing the required formalities. By working with our experts, you increase the chance of getting a home loan.

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