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Secure Credit 2 percent. Beneficiaries of the new program win twice – Maciej Samcik comments

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Safe Credit 2 percent was launched in the first banks. – This is a marketing slogan, but in reality this loan is more expensive – said Maciej Samcik, author of the blog Subjectively about finances, in “You get up and know” on TVN24. In his opinion, the new government program may shake the rental market the most. The economic journalist also pointed out why the beneficiaries of the Secure Credit 2% are in a better situation than those who took out a commercial loan without additional payment.

From Monday, the first banks started submitting applications for a Safe 2 percent loan. This is a solution addressed to people up to 45 years of age who do not have and have not had their own apartment before.

Secure Credit 2 percent – interest rate

Maciej Samcik, the author of the blog Subjectively about finances, stipulated that “Safe Credit 2 percent is a marketing slogan, but in reality this loan is more expensive”. – It is still a cheap loan, but it is definitely not 2 percent, because 2 percent is the basic value to which the government subsidy is supposed to bring this loan. The bank’s margin is added to this value, it is slightly above 2 percent in most banks. This means that in real terms this loan costs about PLN 4, in some banks even about 5 percent per annum – explained the economic journalist in “Wstasz iwiedz” on TVN24.

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– It is still much cheaper than such commercial loans without a subsidy, because their interest rate is about 8, sometimes 9 percent per annum – he reserved.

When asked about the amount of bank margins under the government program, Samcik pointed out that “it looks different in different banks”. – In most banks, this margin is a bit higher than in the case of a new loan. It is non-negotiable, that is, if I go to the bank for an ordinary commercial loan, I can negotiate this margin, I can try to beat it, there is no such possibility here – he said. The higher the margin, the higher the interest rate on the loan, and thus its monthly installment.

The TVN24 guest pointed out why the bank’s margin “is a bit higher in most banks”. – The bank sees that since the customer will pay a lower installment anyway, then maybe he will not fight so much for this low margin, although these margins are slightly lower than what the banks announced earlier. There is quite a lot of interest in this loan, so some banks have slightly reduced this margin compared to the announcements, because they see high demand, so they want to have as many customers as possible – commented the economic journalist.

Maciej Samcik reminded that Secure Credit 2 percent is not only for primary market. – Part of this demand will probably concern the secondary market, i.e. flats sold second-hand – he assessed.

Secure Credit 2 percent and the rental market

According to Samcik, “it seems that if Bezpieczny Kredyt 2 percent will shake anything in Poland, it will be the rental market the most.” – This loan is addressed to people who can afford to pay installments, i.e. they probably do not live with their parents, but rent an apartment, but now, thanks to a cheap loan, they will be able to change the lease to a slightly lower installment and pay off their own apartment with this installment – was paying attention.

The economic daily indicated that “banks received permission from the Polish Financial Supervision Authority to verify candidates for Secure Credit 2 percent with a grain of salt”.

– Because lower installments are only for the first 10 years of loan repayment, so the bank should examine the creditworthiness for a higher installment, because we do not know what will happen in 10 years, it will have to pay back more. On the other hand, banks received permission from the supervision to verify the customer’s creditworthiness for these reduced installments, after taking into account the surcharge. This means that a large number of people have now received creditworthiness for higher amounts, or have received creditworthiness at all – explained the TVN24 guest.

The solution provides for subsidies to the loan for 10 years, so that the interest rate on the liability is 2% throughout this period. plus the bank’s margin.

Own contribution

Maciej Samcik pointed out that Safe Credit 2 percent can be combined with another program – Apartment without own contribution. – We have forgotten about the Flat without own contribution program. When loans became very expensive, he ceased to be popular at all, everyone forgot about him, because the main problem was that people did not have creditworthiness, not that they had no own contribution – he emphasized.

Meanwhile – as Samcik pointed out – “in Safe Credit 2 percent, you must have at least 10 percent of your own contribution.” The program sets the upper limit of the loan amount – 500,000. PLN for a single, or 600 thousand. PLN for a married couple or a parent with a child.

– This is not small money, because if we are talking about PLN 400-500 thousand of credit, we are talking about several dozen thousand zlotys of own contribution. You can also go to your bank for this own contribution, where you apply for this loan and our bank will apply on our behalf (to Bank Gospodarstwa Krajowego – ed.) for a subsidy also to your own contribution – said the economic journalist.

Therefore, Samcik emphasized that the road to Secure Credit 2 percent is also not closed to people “who, because they rent an apartment and pay a lot for this rental, have not managed to collect their own contribution.” – The conditions are very similar to the Safe Credit 2 percent, i.e. if someone gets a safe loan, they probably also get these subsidies to their own contribution – he said.

Where does the money for Secure Loan 2 percent come from?

The source of financing of subsidies to installments will be the Government Housing Fund already existing in Bank Gospodarstwa Krajowego (BGK). – It’s not like it’s a government subsidy, so the government gives some money. The government took this money earlier from our taxes – explained Maciej Samcik.

Therefore, the new government program may be controversial, especially for those who have taken out a mortgage before and pay the full monthly installment, without any additional payments.

The guest of TVN24 drew attention to one more advantage of the loan taken under the Safe Credit 2 percent. – People who took out a commercial loan usually took a loan that is repaid in fixed installments, because it has a higher creditworthiness, while Safe Credit 2 percent is a loan with decreasing capital installments, which means that the capital is repaid faster – he explained.

Therefore, Samcik emphasized that “the person who took or will take Safe Credit 2 percent has two pluses.” – Firstly, it has a lower installment, and secondly, it repays the capital faster with this lower installment. After ten years, she will have less capital to repay than a person repaying a normal loan, according to fixed installments. Twice in the pocket are those who either do not get this loan or have already taken out a loan – summed up the guest of “You get up and know” on TVN24.

Main photo source: fizkes/Shutterstock

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