Special-purpose home loan
Furthermore, this housing loan from Loan and Credit can be used to finance the construction or reconstruction of the property. You can pay the membership share for a cooperative apartment, you can also use the money for reconstruction or new equipment of the apartment or for other housing investments.
Housing loan from Loan and Credit – up to 2 million Good Finance
The special-purpose loan / housing loan from Loan and Credit is available from USD 50,000 up to USD 2 million. You can borrow money from Loan and Credit for 6 – 120 months (the maximum maturity is 10 years).
The basic interest on this housing loan is 8.3%. When the loan is approved, Loan and Credit automatically deducts a one-off fee of one percent of the total loan amount. The minimum amount is USD 500, the maximum is limited to USD 5000.
At Loan and Credit you will also pay USD 1,800 a year (ie USD 150 per month) for maintaining the loan.
Another condition is that you must be a client of the bank. If you are not yet, you will need to open a personal account before applying for a loan. The basic variant of a Loan and Credit personal account is eKonto. You pay monthly fees depending on the volume of funds. The maximum cost of this account is USD 300 per month, if you send your payment to Loan and Credit (in a sufficient amount) you can have a bank account with this bank free of charge.
Housing loan conditions
To obtain a home loan from Loan and Credit you need to have an account with this bank, you must be at least 18 years old and you must have some permanent and regular income. If you are a new client of the bank, proof of income will be required. If you receive a payout at Loan and Credit, no income confirmation is required.
When applying for a loan, it is also necessary to prove the purpose of using the funds received. As mentioned in the introduction, this loan is only for housing costs. So you need to be able to demonstrate what you use the money for – by placing orders, invoices or contracts on the basis of which the bank lends you the money.