Santander BP is introducing a home loan without down payment

Santander Bank Polska introduces a housing loan with a guarantee of own contribution of Bank Gospodarstwa Krajowego (BGK), the bank said. Applications can be submitted from 18 July.

Santander Bank Polska is introducing a guaranteed home loan without down payment. BGK will guarantee 10 percent own contribution necessary to obtain a standard loan. The offer is valid from July 18.

Santander Bank Polska's offer is the result of the Guaranteed Housing Loan Act, which entered into force on May 27. It allows you to take out a loan for 100% of the real estate value, and the missing own contribution is guaranteed by Bank Gospodarstwa Krajowego.

The scope of the Bank Gospodarstwa Krajowego guarantee offered under the "Flat without own contribution" program is not less than 10% and not more than 20% of the expenditure to cover the loan, but not more than PLN 100,000.

Loans with a BGK guarantee are granted in PLN for a minimum period of 15 years, and a maximum of 30 years, up to a maximum amount of PLN 500,000.

Santander Bank Polska, for loans with BGK's own contribution guarantee, offers an interest rate similar to standard mortgage loans. Fixed, 5-year or variable interest rates are available. Also, the procedure of applying for a loan differs from the standard one only by the need to submit declarations confirming the fulfillment of the conditions for taking advantage of the Guaranteed Housing Loan program, the bank announced.

If the loan is covered by the BGK guarantee, a commission fee is paid to BGK - it amounts to 1% of the guarantee amount and must be paid before concluding the loan agreement, the bank notes.

Santander BP is another to introduce no down payment home loans to its offer. From 14 July, applications for BGK guarantees can also be submitted to Alior Bank.

Source: Santander Bank Polska and ISBNews