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Benefit from our Home Equity Loan which you may use for any purpose
Home Equity Loan is a perfect solutions for property owners:
INFORMATION
From 1 March 2023 we suspend the offer of mortgage loans with variable interest rate options for the entire life of the loan.
Mortgage loans with a periodically fixed interest rate for the first 5 years remain in our offer.
We are working on the implementation of a new mortgage loan offer based on the WIRON reference index.
If you are interested in our offer and want to get detailed information please fill in the form below - we’ll call you back!
Remember! The target loan collateral may be also a mortgage on the property other than that financed with the loan, owned by you or a third party.
Additionally, if the loan is secured by a single-family home or by an undeveloped plot of land, the following may be required:
Conditions for margin reduction
Margin reduced by 0,5% for Clients who fulfil the below conditions throughout the credit period:
Information about the WIRON benchmark
On September 27, 2022 on the website of the Polish Financial Supervision Authority the so-called Roadmap was published, which defines the basic assumptions of the process of replacing WIBOR and WIBID benchmarks with the WIRON index (Warsaw Interest Rate Overnight).
The Roadmap was developed and agreed upon by the so-called National Working Group on Benchmark Reform ('NGR'). The Group is made up of representatives of:
According to the Roadmap Schedule, the process of replacing WIBOR is to be spread over time:
This process is very complicated. There are many related elements in it. For this reason, the Roadmap and the dates indicated therein may change.
You can find the Roadmap here.link otwiera się w nowym oknie
Currently, we do not offer mortgages with interest rates based on the WIRON benchmark. Preparation of systems and operational processes in banks takes time. In our bank, we are working intensively on adapting IT systems, regulations and documents that will allow us to introduce the WIRON benchmark as soon as possible.
We will inform you in advance about the date of introduction of WIRON.
If in the future we are no longer able to use the WIBOR benchmark indicated in your contract due to the fact that it will cease to be published by the administrator, we will replace WIBOR in the contract with a new benchmark, in accordance with one of the following solutions:
Information about the WIRON benchmark
More information about the planned replacement of the WIBOR benchmark by WIRON can be found at following websites:
Cost of loan and legal note
APR FOR A PERIODICALLY FIXED INTEREST RATE
APR for periodically fixed interest rate
The Annual Percentage Rate (APR) for a home equity loan with a periodically fixed interest rate is 10.43% and we calculated it with the following assumptions: the total amount of the mortgage loan (excluding loan-financed costs) is 316,432.84 PLN, loan period 23 years, loan instalment 2,681.01 PLN, number of instalments 276, interest rate in the first 60-month period of the fixed rate 4.05%, and in the further loan period a variable interest rate of 9.88% (the sum of a fixed margin of 4.05% and the WIBOR 6M benchmark, which as of 30.11.2023 is 5.83%), loan secured by a mortgage on the property with a value of 599 418,15 PLN. The 4.05% margin is available if you have a Millennium 360° account with us, to which your salary or other net income is credited every month, and a debit card to this account and you make non-cash transactions with the card in the amount of min. 500 PLN per month. The total cost of the home equity loan is 498,511.58 PLN, including: commission for granting the loan 0 PLN, interest 465,402.67 PLN, real estate insurance against fire and other fortuitous events 12,420 PLN from the offer available through us, life insurance 20,469.91 PLN from the offer available through us, PCC tax 19 PLN and the court fee for establishing a mortgage 200 PLN. Account maintenance cost is 0 PLN. The fee for service of the debit card or BLIK contactless payments is 0 PLN, if in the previous month you pay at least once with the card or by BLIK (if you are aged 18-26) or 5 times (if you are aged over 26). Total amount due 814,944.42 PLN. We made the calculation on 1.12.2023 on a representative example.
Detailed terms and conditions under which we grant mortgage loans are described in the Regulations on Lending to Individuals in Mortgage Banking at Bank Millennium S.A. Fees and commissions that we charge, as well as the interest rate are indicated in the Price List of Mortgage Loan / Home Equity Loan. You can consult these documents in our outlets and on the www.bankmillennium.pl website. Before we grant you a loan, we assess your credit capacity and creditworthiness each time. In justified cases, we may refuse to grant you credit. As collateral for the loan, you can provide real estate insurance or life insurance that is not available through us. You should conclude such an insurance contract with an insurer that is on the list published by the Polish Financial Supervision Authority. We can grant you a loan above 80% LTV (but not more than 90%) only with additional collateral in the form of high LTV risk insurance. LTV is the ratio of the total amount of the mortgage loan to the value of the property that is the subject of the collateral.
Information on risks
Periodically fixed interest rate
In the case of a mortgage loan with a periodically fixed interest rate, there is a risk that during the period of application of the fixed interest rate, your instalment may be higher than if it were calculated on the basis of the current WIBOR 6M reference rate, which is used in the calculation of the variable interest rate. After changing the interest rate on your loan to variable, an increase in the benchmark during the period of the fixed interest rate may cause a significant increase in the principal and interest instalment and thus the total cost of your loan. Furthermore, during the period when variable interest rate is applied there is the risk of increase of interest rate. Its amount depends on the WIBOR 6M benchmark. If the benchmark increases, the interest rate on your loan will be higher and the monthly principal and interest instalment will increase. Then the total cost of the loan will also increase. If the benchmark applicable in a given interest period is zero or negative, the interest rate on your loan in that interest period will be equal to the margin.
Variable interest rate
In the case of a mortgage with a variable interest rate, there is a risk of an increase in the interest rate. Its amount depends on the WIBOR 6M benchmark. If the benchmark increases, the interest rate on your loan will be higher and the monthly principal and interest instalment will increase. Then the total cost of the loan will also increase. If the benchmark applied in a given interest period is zero or negative, the interest rate on your loan in that interest period will be equal to the margin.
