Banca Intesa completed its mortgage loan offer
By signing an Agreement with the Ministry of Finance of the Government of the Republic of Serbia and the National Corporation for Mortgage Loans Insurance, Banca Intesa shall join the programme of subsidized crediting of young people.
The Agreement on regulating mutual relations in retail mortgage loan operations by using funds from the budget of the Republic of Serbia, was signed by Draginja Đurić, President of the Executive Board of Banca Intesa Beograd, Silvio Pedrazzi, Deputy President of the Executive Board of Banca Intesa, Mlađan Dinkić, Minister of Finance in the Government of the Republic of Serbia and Aleksandar Jović, Head of the National Corporation for Mortgage Loans Insurance.
Mortgage loans with the subvention of the state shall be granted with the tenor up to 25 years, with a down payment of 30%, out of which the state shall provide 20% from the budget of the Republic of Serbia, and 10% shall be provided by the beneficiary itself. The remaining 70% of the real estate value or the required loan amount shall be financed by the bank from its own resources and it shall have an ordinary interest rate per loan of 3MEURIBOR plus 3,9% p.a. The interest on the loan amount being financed from the budget of the Republic of Serbia shall amount to 0,1% p.a., with the tenor of 5 years and a grace period of 20 years. The composite interest rate which shall be applied on the total loan amount is 4,76 %.
These loans are intended for the citizens of the Republic of Serbia up to 45 years of age, that do not have their housing problem solved and do not hava a mortgage loan in utilization or do not own any housing object completely. If they have a real estate(s) in ownership, they may get a loan for the purchase of the new real estate in the amount of the difference between the value of the real estate(s) which they own and the value of the new real estate. The max. loan amount is 100.000 euro in dinar countervalue. The loan beneficiary may include in the creditworthiness another creditworthy person as the co-debtor and in that case the monthly annuity may not be burdened more than 50% of their total monthly net earnings.
The first mortgage on the real estate which is the subject of purchase or on any other real estate, then the insurance policy on the building value of the real estate which is the subject of the mortgage and a blank own bill of exchange signed by the loan beneficiary shall be required as a collateral for the loan.
Wishing to meet the clients’ requirements in the shortest possible time, Banca Intesa shall start with the receipt of application forms for mortgage loans with the subvention of the state from November 6th 2006. In the beginning these loans shall be approved in the mentioned branches of Banca Intesa, and later their realization shall be continued in all 50 branches intended for that.
- Intesa Casa Mortgage Centre Belgrade, Resavska 1-3
- Belgrade, Knez Mihailova 30
- Intesa Casa Mortgage Centre Novi Sad, Bulevar Mihajla Pupina 4
- Intesa Casa Mortgage Centre Pančevo, Štrosmajerova 1
- Niš, Sinđelićev trg 18
- Kragujevac, Kralja Petra I 46
- Užice, Dimitrija Tucovića 129
Example for the interest rate calculation for subsidized loans:
Purchase price 50.000
Down payment of the client 5.000
Loan of the Bank 35.000
Tenor for the bank’s loan 240 months
Interest rate 7.47% p.a.
Loan from the budget 10.000
Tenor for the loan from the budget 60 months
Interest rate 0.1% p.a.
Effective interest rate for the Bank’s loan 7.81%
Effective interest rate for the loan from the budget 0.01%
Annuity for the Bank’s loan EUR 276
Annuity for the loan from the budget EUR 210
For the total loan amount of 45.000, with the total tenor of 300 months, the composite (total) interest rate shall amount ot 4,76% p.a.
With the introduction of mortgage loans with the subvention of the state, Banca Intesa completed its mortgage loan offer that shall now comprise five different models:
- Mortgage loans with the subvention of the state, with the composite interest rate of 4,76%;
- Mortgage loans insured with the National Corporation, with the effective interest rate of 7,7%;
- Mortgage loans for the purchase of registered immovable property on the basis of 20% down payment, with the effective interest rate amounting to 9,57%;
- Mortgage loans for the purchase of built non-registered immovable property and establishment of a mortgage on them, with the down payment of 20%, tenor up to 30 years and effective interest rate of 9,74% p.a., for loans indexed in euro.
- Loans for the refinancing of mortgage loans with other banks, which enable citizens to pay off their mortgage loan with a longer tenor – up to 30 years and more favourable effective interest rate of 7,3% and in that way they pay a smaller monthly installment.
The unique advantages offered by Banca Intesa understand min. down payment of only 5% of the value of the credited real estate, tenor up to 30 years, no banking provisions, option of crediting non-registered real estates as well as the option of a preliminary approval of the loan. Mortgage loans of Banca Intesa shall be realized and paid off at the middle rate of the NBS and indexed only in euro.
In the attempt to additionally facilitate and simplify the purchase process of the real estates and the realization of mortgage loans to the clients, Banca Intesa opened also two specialized mortgage centres – Intesa Casa. There citizens shall have at their disposal mortgage advisors and mortgage specialists that shall give them responses to all issues regarding mortgage loans. Intesa Casa mortgage centres are located in Belgrade, Resavska Str. 1 – 3, in Novi Sad in Bulevar Mihajla Pupina no. 4, and in Pančevo in Štrosmajerova Str. 1 an office was opened where the mortgage advisor shall expect the clients.
Since May 2006 when the mortgage loans for natural persons were launched, Banca Intesa realized 500 mortgage loans in the total value of 20 million euro.