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Secure Credit 2 percent. What will be the amount available?

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The safe 2 percent loan hides one secret. It is not known what amount of credit will be available. The calculations show that if someone can currently get PLN 300,000 for an ordinary mortgage loan, they will most likely be able to receive PLN 394,000 or PLN 233,000, depending on the decision of the Polish Financial Supervision Authority (KNF) – we learn from the Expander Advisors analysis .

“In recent months, young people who do not yet have a very high income have not been able to get a mortgage. The availability of loans has fallen sharply due to the increase in interest rates. A safe 2 percent loan is to be a rescue for them. Its great advantage was to be not only subsidies to installments, but a much higher available amount compared to ordinary loans and the lack of a required one own contribution” – it was written in the analysis.

It was added that “unfortunately, the availability may be even worse than ordinary loans”, and “the problem is that the regulations of the Polish Financial Supervision Authority do not specify how banks are to calculate creditworthiness: based on an installment reduced by a surcharge or without a surcharge”.

“Let’s hope that this will be determined soon. If this does not happen, the available amount of Secure Loan 2 percent may be even lower than for ordinary mortgage loans” – it was indicated.

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Read more: A program of cheap housing loans. There is the president’s signature>>>

The question of the amount of Secure Credit 2 percent

The Expander Advisors analysis first looked at the positive scenario.

“If the KNF allows banks to include installments less subsidies in the capacity calculations, the available amount of Safe Credit 2% will be approx. 31% higher than for a regular loan with a fixed interest rate and a fixed installment. So if someone can currently get, for example, PLN 300,000 PLN 300,000 of an ordinary mortgage loan, the available loan amount with a subsidy will be about PLN 394,000. However, if he can get PLN 400,000 now, he will get about PLN 526,000 under the Safe 2% loan” – we learn from the analysis .

It was emphasized that “the calculations assume, however, that banks will treat such loans in exactly the same way as an ordinary loan.” It was warned that “of course, they may decide that they will apply slightly different rules for calculating the capacity and even despite the consent of the KNF, it may turn out to be lower than in our calculations”.

Comparison of the available amount of ordinary credit and Secure Credit 2 percentexpander.pl

“In addition, you should remember to limit the maximum amount of Safe Credit to 2 percent. The so-called single will be able to receive up to PLN 500,000, even if he has creditworthiness for a higher amount. The limit for a married couple or a family with at least one child is PLN 600,000 However, if the purpose of the loan is to complete the construction of the house and the value of the own contribution exceeds PLN 200,000, the maximum amount will be only PLN 100,000 (for a single person) or PLN 150,000 (for a family). analysis.

Safe credit 2 percent – negative scenario

According to Expander Advisors, “if the KNF does not agree to calculate creditworthiness based on an installment reduced by a subsidy, then, unfortunately, the availability of such preferential loans will be even worse than an ordinary loan.”

“In the case of a person who can get a loan with a fixed installment of PLN 300,000, the amount of the Safe Loan 2 percent will be only PLN 233,000” – it was indicated.

The analysis explains that “the reason for this decline is that Secure Loan 2 per cent for the first 10 years will be repaid in decreasing installments” and “therefore, the initial installments without subsidies will be much higher than the fixed installments of a regular loan.” It was added that “this, in turn, translates into a decrease in the available loan amount. Let’s hope that the KNF will soon allow banks to take into account subsidies

“For young borrowers who have only recently started their professional career and still have quite low income, creditworthiness may prove to be an obstacle. Especially if they are not married, so they will take out a loan on their own. In such situations, creditworthiness is usually improved by an additional borrower. A couple in an informal relationship take out a loan together. If someone is so-called single, the parents join the loan, “the analysis reads.

It was added that “in the case of a Safe 2 percent loan, these methods of increasing creditworthiness usually will not work” because “the rules of the program do not allow a couple without marriage and without a child to obtain a preferential loan”.

In turn, parents usually cannot be attached to the loan because they have or have had their own apartment or house in the past.

The Safe Credit 2 percent program will be launched soon

Secure Credit 2 percent will be directed to people up to 45 years of age who do not have and have not had their own apartment before. 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.

According to the announcements of the Minister of Development and Technology, Waldemar Budy, the program is to be launched from July 3, 2023. President on Wednesday Andrzej Duda signed the act.

Main photo source: Adobe Stock

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