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Frequently asked questions

What documents are necessary to arrange the mortgage?

The basic documents that need to be submitted to the bank are:

  • documents indicating the purpose of the loan (sales contract, building permit, the budget for remodelling, ...)
  • documents proving the amount of income which, after taking into account the projected monthly expenses and other liabilities of the applicant, is sufficient to repay the loan (we can verify the income amount directly at the bank if it is confirmed by the Social Insurance Agency, otherwise it is necessary to submit proof of income),
  • documents for the property in order to secure the loan (in particular the surveyor’s report, etc.)
  • identification documents for persons entering into the loan relationship

How much can I borrow?

Currently we provide mortgages in accordance with legislative requirements and regulations up to 90% of the value of the pledged property. If the client needs the full amount of the purchase price to buy property, there are several options:
 
  • apart from the acquired property, to pledge another property (if one is available)
  • finance the difference in the purchase price through VÚB loans for real estate investments at a discounted rate (for which qualification is standard), or to refinance the purchase price difference from their own resources.
The total amount of the mortgage depends on the income of the applicant and co-debtors, their commitments as well as the value of the mortgaged real estate.

Do I need to prove my income?

If the bank can verify income through the Social Insurance Agency, there is no need to document the income.

Can I apply for a mortgage, even though I have not yet selected a specific property?

Yes, it is possible. If you plan to get your own place, but you have not chosen a specific property, the bank can approve a mortgage certificate on the basis of your application. It is a free promise by the bank to provide a mortgage, which is also a confirmation of the client's creditworthiness based on their financial situation.

The certificate is valid for three months. During this period, the client has time to find a suitable piece of property, and the client can produce the certificate as proof of the bank’s promise to e.g. a real estate agent, seller or construction company.

What are the requirements of the pledged property?

The security for a mortgage can be domestic real estate property registered on the ownership deed, or in the case of real estate under construction, it must meet the conditions for registration on the ownership deed.

The bank accepts only property owned by an individual (other than buildings under construction, or after completion, where the owner may be a legal entity). It is necessary that the property be insured. You can easily take out insurance directly within the credit agreement for a mortgage or at any insurance company.

I have a mortgage with another bank, so how can I transfer it to you?

Transferring mortgages from other banks is simple. Just visit a branch of our bank and present the original loan agreement, including appendices and surveyor’s report (we also accept the original, up to 3 years old). At the latest at the time of drawing the mortgage, it is necessary to submit the consent of the other bank to early repayment of the loan.

How does drawing a mortgage work?

The mortgage can be drawn as one sum or progressively. The first disbursements must be made within 6 months of signing the loan agreement. The client has a period of 18 months from the first drawing to draw the entire mortgage. To draw the mortgage, the client submits a signed request for drawing and documents as per the loan agreement (Conditions of drawing the mortgage).

The drawdown can be standard - upon presentation of the ownership deed showing the registered lien in favour of the bank and the Land Registry’s decision to permit the entry, or in express form, when it is sufficient to present the ownership deed with the registered seal and the application for the entry of title in the cadastre confirmed by the Land Registry.

Tax credit for housing and mortgage.

In order to get a tax credit with a mortgage for young people, the client must comply with the statutory conditions - age and income. It is possible to be claim it when buying an apartment, house or a part of one, for the construction or completion of real estate, as well as for the modification and maintenance of properties, or even a combination of these purposes.

Entitlement to a tax credit can be applied for with the relevant tax office in your tax return. The basis for applying the tax bonus is a confirmation, which we will issue to you at any branch of VÚB bank upon request

Are extra mortgage repayments allowed?

You can ask to make an extra repayment with a fee at any time. Free extra repayments are possible within the current legislation on each anniversary of the fixed interest rate (at any level) as well as the anniversary of the signing of the contract once a year, up to 20% of the loan principal.

Is it possible to defer mortgage repayments?

Clients with a temporary inability to repay a mortgage loan due to a deterioration in their financial situation (loss of employment, incapacity, reduced income, family reasons) will be granted a full postponement of repayments for 6 months.

How do you calculate the monthly mortgage repayment?

Our mortgage specialists will help you to determine the optimal amount of the mortgage repayment at any branch of VÚB. For the calculation you can also use our mortgage calculator.