Debt Consolidation Loan BENEFITS Millennium Debt Consolidation Loan is an attractive loan for repayment of other, expensive liabilities you already have with other banks. Got a housing loan, car loan, installmant loan, c/a overdraft? Instead of them all, you can pay out one low installment with Bank Millennium! Why choose Millennium Debt Consolidation Loan? attractive margins and interest rates loan up to 90% real estate favorable lending period - up to 30 years Additional benefits: convenience - instead of a number of high installments with other banks, all you pay out is just one Millennium installment with favourable interest rates short time to Yes & Cash acceptance of numerous sources of income - in Millennium you may be granted a loan, if you have contract of unspecified or specified duration, earn based on Civil Law contracts (e.g. contract of mandate or contract to perform a specific task), as well as when your run your own business (and are in a position to provide the Bank with suitable accounting and tax documents) opportunity to combine housing and non-housing purposes within one loan agreement a number of loan service facilities, e.g. loan holidays or grace period friendly Customer service - numerous user-friendly internet options facilitiating loan service (e.g. option to submit order of earlier loan repayment, loan holidays, change of installment date etc.) What loans can you repay with Millennium Debt Consolidation Loan? housing loans car loans installment loans cash loans credit card limits c/a overdrafts loans granted by the employer other consumer loans. DETAILS Loan amount Minimum loan amount: PLN 20 thds Maximum loan amount: up to 90% of collateral real estate value, if one of the loans subject to consolidation is a housing loan up to 70% of collateral real estate value, if all the loans subject to consolidation are consumer loans. What's more, the maximum loan amount depends on your income. Lending period Minimum lending period: 3 years Maximum lending period: 30 years Loan currency PLN Loan disbursement options The loan may be disbursed in one or more tranches Loan repayment You may choose to repay your loan in fixed or decreasing installments. Within the lending period you can use a number of facilities. We offer: loan holidays - the option to skip one monthly repayment within a year 24 months' grace period - opportunity to postpone loan principal repayment earlier repayment option - no fees are charged after 3 years of lending period as well as within the first three years, unless total amount of early repayments exceeds 30% of loan amount granted. Loan collateral Find out what collaterals will be required from you on granting the loan. INTEREST RATES Bank Millennium offers mortgage loans with variable interest rates. Interest rates change each 3 months. Precise interest rate of your loan depends on the loan amount and the relation of your loan amount against the value of collateral real estate. Check mortgage interest rates in Bank Millennium: Debt Consolidation Loan* Loan amount over PLN 150,000 below PLN 150,000 Interest rates from 7.50% to 7.90% from 7.70% to 8.05% * Promotional offer valid until 07.06.2010. NOTE! Home equity interest rate applies to funds intended for non-housing purposes. If the loan is partly intended for repayment of a housing loan, interest rates will be adequately lower. FEES Debt Consolidation Loan granting commission fee Currency Commission fee PLN 2% Real estate related fees Real estate appraisal (except for detached houses) PLN 480* Detached house appraisal PLN 800* Investment control (for mortgage loans disbursed in tranches) PLN 300 * the fee is charged on submitting loan application or application of contract amendment Debt Consolidation Loan early repayment fee After 3 years of lending period as well as within the first three years, unless total amount of early repayments 0% exceeds 30% of loan amount granted In other cases 2% Other fees for Debt Consolidation Loan Commission for PLN loan amount increase 2% Temporary insurance premium (charged monthly until mortgage is registered) 0.0833% Commission for issuance of certificate /opinion PLN 100 Commission for issuance of certificate re. interests paid on mortgage loan PLN 6 Annex fee PLN 200 COLLATERALS In order to be granted a loan in Bank Millennium, you should have a proper collateral. Final collateral of Millennium mortgage loan is: final entry of the first mortgage on a residential real estate entered in favour of Millennium NOTE! Please note that mortgage may be collateralized with a real estate other than the one being financed, any real estate which belongs to you or to a third person. assignment of rights under real estate insurance assignment of rights under life insurance of the Borrower NOTE! If you don't wish to buy insurance on your own, we are here to help you - you can join group real estate and life insurance and enjoy double benefits - pay low premiums and save time (you don't need to annually provide the Bank with assignments of rights under real estate and life insurance). Until final collateral is established a temporary collateral shall be used. Standard temporary insurance in Bank Millennium is bridge insurance, i.e. loan insurance until final entry of the first mortgage on a residential real estate in favour of Millennium is entered. NOTE! Monthly bridge insurance premium in Bank Millennium amounts to just 0.0833% of loan amount. The Bank will attend to all the formalities for you - all you need to do is just tick bridge insurance option in your loan application. Alternative temporary insurance options include: bill-of-exchange surety blockage of funds on a deposit account in Bank Millennium assignment of receivables from a term deposit account in another bank. If you are interested in a loan of over 80% of collateral real estate value, additionally you will be required to provide for high LTV insurance. Also in this case you don't need to care about any formalities. Optionally, you may want to provide for additional protection. Bank Millennium offers you to take advantage of payment protection insurance.
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