print_2010-05-13_debt-consolidation-loan by benbenzhou


									Debt Consolidation Loan


 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.


 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


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.


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.

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


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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