Housing loan with guaranteed interest rate during the whole repayment period
Slovenská sporiteľňa introduces to the market a housing loan with interest rate and instalment guaranteed during the whole repayment period. The majority of clients will get a loan with advantageous interest rate of 4.99% p.a.
Thanks to the loan with guaranteed instalment, clients are secured against unpredictable events, since the instalment amount will be fixed for the whole repayment period. The loan repayment period is from 10 to 30 years. Slovenská sporiteľňa is the only bank on the market that offers such a loan type. “Our goal in these turbulent times is to offer a fair instalment for the whole repayment period to as many clients as possible, not just to those with a good rating. Therefore, the majority of the clients will get the advantageous interest rate of 4.99% p.a.,” explains Ján Ondráš, Head of Retail Loans Department of Slovenská sporiteľňa adds: “Clients who usually buy their housing for a longer time period, can be sure that their instalment will not increase regardless of economic development.”
Current interest rates on housing loans are low from long-term perspective and the weak growth of economy will probably not make it possible for the European Central Bank to increase the basic interest rate. “While currently the interest rate of ECB - which also influences interest rates on housing loans - is 1.5%, it should be around 3.5 - 4% over a 30-year horizon. From long-term perspective, this should also result in higher interest rates on housing loans,” says Michal Mušák, analyst of Slovenská sporiteľňa.
Clients may draw down this advantageous loan up to 100% of pledged real estate value. They may also repay up to 10% of outstanding loan with an extraordinary payment free of charge. The bank plans to offer the housing loan with guaranteed instalment until end of December this year.
Slovenská sporiteľňa is with 2.5 million clients the largest commercial bank in Slovakia. Its only shareholder is the Austrian Erste Group Bank. Slovenská sporiteľňa has a long-term leading position in total assets, retail loans, client deposits, number of sales points and ATMs. It offers complex bankiang services in 291 sales points and 18 commercial centres in all regions of Slovakia.
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