In promotional leaflets, banks usually indicate the lowest interest rate under the current program. So the rate that you see in advertising and on the bank’s website, and the one at which the bank eventually approves your mortgage, is likely to be different. It is easy to make sure that you should enter your data in the form on the bank’s website.
The system will immediately show that the rate has changed for you. In practice, the mortgage rate depends on a large number of factors. Some of them lead to a rate increase, others, on the contrary, allow it to be reduced.
When can customers expect a discount and what cases affect how the bank provides interest rates for borrowers?
Discount on the interest rate for bank payroll clients
Under special conditions, banks lend to borrowers who are participants in payroll projects and receive a salary on a bank card. The special attitude to these customers is since the monthly income of these borrowers is known to the credit institution. The risk for the bank, in this case, is minimal, for which the bank is ready to give a discount.
Interest rate reduction for real estate agency clients
The rate for a client who comes from real estate agents will be lower than if the same borrower applies for a loan directly to the bank. In this case, we are talking about a limited list of real estate companies with which banks cooperate. As a rule, these are large firms through which a large number of mortgage transactions take place every month. This list is constantly changing, so you need to check with the bank if there is a discount for a specific real estate agency at the moment.
It is convenient for banks to work with real estate agencies because in this case, they have a guarantee that, having received approval for a mortgage, the client will make a deal after some time. For this, banks give a discount to clients of real estate agencies.
Special conditions when buying an apartment from the developer
Banks have programs in which they, along with developers, offer mortgages at a reduced interest rate. In this case, a construction company interested in attracting buyers will, at its own expense, compensate part of the mortgage rate. So with the help of low rates builders increase the demand for specific objects.
The disadvantage of such a mortgage is that it is issued for a limited period. Therefore, the program is convenient for those who already have a large amount for a down payment on a mortgage. For example, if the buyer is engaged in improving housing conditions and takes on credit only the surcharge required to purchase an apartment.
Reduced rates for special borrowers
Many banks have special offers for certain categories of borrowers. On special conditions, many banks provide loans to doctors, teachers, employees of law enforcement agencies, municipal enterprises, administration, and financial organizations. Under the People of Action program, they will be able to receive a loan at a discount.
Discount when buying a large apartment or with a large loan amount
Banks allow you to get a mortgage at a lower percentage for buyers of large apartments.
There are special offers that banks make to their customers.
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