Financing
Possibilities of property purchase financing
At present there are more possibilities how to finance property purchase.
This is possible:
- from own resources
- commercial credit ( consumer credit, bank overdraft)
- mortgage credit
- building savings credit
- or combination of above stated possibilities
Commercial credit
is provided by almost all financial institutions in Slovakia. Mortgages are provided only by some financial institutions and building savings credits are provided by 3 independent institutions up to now.
Conditions of gaining and repaying of a credit differ in every bank and building saving institutions.
Credit guarantee means to prove the level of your income (and also the level of incomes of your guarantors) and the bank will consider their sufficierncy in the relation to the requested level of credit.
Guarantee forms are various and depend on conditions of a bank. The most often is required guarantee by:
- pledges for a real state (building, house, garage, plot and so on)
- pledge of a deposit in the benefit of a bank
- guarantee by life insurance
- guarantee by stocks and shares
- guarantee by income or possesion of a guarantor
- and also guarantee by combination of the mentioned ways
To guarantee for a given credit you can on your own or also by a guarantor – a person who will take duty to fulfil your debts in the case you will not do it.