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Refinancing housing loans

Refinance housing loans of other banks and reduce so your interest and instalment.
Special offer of lowered interest rates for refinancing loans with variable interest by March 31, 2024.

Loan Types for Refinancing of Housing Loans

Our Bank is offering you the possibility to choose between two types of interest

Extend the repayment term without any initial costs.

Basic conditions and features of loans for refinancing housing loans

The bank reserves the right to make a decision on the loan approval, as well as to request additional documents and guarantees.

  • For refinancing loan with variable interest rate

  • Wondering why it is important to insure your life during the repayment of housing loan? Housing loan is a life project. It lasts 15-20 years on average. In the event of unforeseen life circumstances it might happen that heirs cannot repay loan instalments for mortgaged apartment. In order to secure your family, it is important to get insurance. The insurance company will reimburse the outstanding loan amount and the bank will clear the mortgage. It all depends on you.

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Refinance your credit obligations with another bank quickly and easily – without going to that bank. The National Bank of Serbia’s instructions enable you to simply switch the bank and refinance all your credit obligations by taking a loan from the bank whose conditions best suit your needs. We take over all communication with the bank whose loan you want to refinance, until the loan has been closed.

Representative example

Representative example

Representative example of a loan for refinancing housing loans with variable interest rate, without down payment
Mortgage value37.500 EUR
Loan amount30.000 EUR
Repayment period30 years
NIR annually3,25% + three-month EURIBOR
Monthly instalment200 EUR
Fee for loan processing (0% of the loan amount)0 EUR
Costs associated with loan approval, known at the time of publishing
Bill of exchange100 RSD
Credit Bureau basic report246 RSD
Certification of pledge statement10.080 RSD
Property insurance - annually40 EUR in RSD equivalent
Issuing of real estate folio in the land register10 EUR in RSD equivalent
Real estate valuation100 EUR in RSD equivalent
Mortgage registration20.000 RSD
EIR annually7,71 %
Total amount of loan (principal, interest and costs)74.590 EUR
EIR calculated on17.08.2023.

EUR-indexed loans are contracted in RSD equivalent at the NBS middle exchange rate. The interest rate is variable and consists of a reference rate - three-month EURIBOR as a variable rate, and Bank’ margin as a fixed rate, in accordance with Bank’s Tariffs. Variable interest rate is adjusted with 3M EURIBOR value on quarterly level. The 3 months EURIBOR value on the day of calculations for the sake of this representative example, i.e. on 17.08.2023. stood at 3.7870. Nominal interest rate from the representative example is valid for Privilege clients who receive salary/pension on current account in OTP bank. This offer is for guidance purposes only. For a personalized offer we are at your disposal at our Bank's branches.

Representative example

Representative example of a loan for refinancing housing loans with combined interest rate, without down payment
Mortgage value37.500 EUR
Loan amount30.000 EUR
Repayment period30 years
NIR annually over the first 3 years6,55%
Monthly instalment over the first 3 years191 EUR
NIR annually after the first 3 years3,65% + three-month EURIBOR
Monthly instalment after the first 3 years207 EUR
Fee for loan processing (0% of the loan amount)0 EUR
Costs associated with loan approval, known at the time of publishing
Bill of exchange100 RSD
Credit Bureau basic report246 RSD
Certification of pledge statement10.080 RSD
Property insurance - annually40 EUR in RSD equivalent
Life insurance - annually100 EUR in RSD equivalent
Issuing of real estate folio in the land register10 EUR in RSD equivalent
Real estate valuation100 EUR in RSD equivalent
Mortgage registration20.000 RSD
EIR annually7,88 %
Total amount of loan (principal, interest and costs)76.510 EUR
EIR calculated on17.08.2023.

EUR-indexed loans are contracted in RSD equivalent at the NBS middle exchange rate. The interest rate is variable and consists of a reference rate - three-month EURIBOR as a variable rate, and Bank’ margin as a fixed rate, in accordance with Bank’s Tariffs. Variable interest rate is adjusted on the first business day of each month in accordance with changes in the reference EURIBOR rate which, on the day of calculations for the sake of this representative example, i.e. on 17.08.2023. stood at 3.7870. This offer is for guidance purposes only. For a personalized offer we are at your disposal at our Bank's branches.

Do you have any additional questions?

If you have any questions or concerns, our experienced bankers are at your disposal.

Calculate your instalment on the assumption of the variable part of the interest rate change and/or exchange rate change

Access the calculator of the National Bank of Serbia here

Do you have any additional questions?

If you have any questions or concerns, our experienced bankers are at your disposal.

Additional information on applying for a housing loan refinance

Loan applicant:

  • permanent employment of indefinite duration minimum 6 months with the current employer
  • transfer of personal income to the current account held with our Bank

Loan collateral instruments:

  • Enclosed real estate insurance policy
  • Enclosed life insurance policy optionally at the client’s request
  • Bill of exchange and bill of exchange authorization
  • First-class mortgage if a mortgage is established on another property
  • Second tier mortgage if the first tier mortgage is already registered in favor of the bank whose loan is being refinanced
  • Administrative ban

You can take life and property insurance in each of Bank’s branch and thus complete the entire process easily and in one place. Regular payment of insurance premium is provided through standing order which is free of charge and exempt from payments fee.

List of required documents

List of documents for refinancing of housing loans

Frequently asked questions

1. What are the conditions that I have to meet in order to take a housing loan at your Bank?

In order to take a housing loan, it is necessary that you have been employed full-time with the same employer for 6 months, that you open a current account with our Bank and transfer your salary.

2. Is down payment mandatory and what is the minimum down payment with a housing loan?

The housing loan requires a mandatory 20% minimum down payment.

The housing loan requires a mandatory 20% minimum down payment.

Yes, it is possible to conclude a contract based on which you will provide down payment that is larger than the minimum.

 

4. Will the down payment be returned to me once I fully repay the loan?

The down payment is not a deposit and cannot be returned once the loan is fully repaid because it is a portion of money by which you are paying the real estate bought with the housing loan.

5. To what extent may my salary be encumbered so that I could take a housing loan?

A housing loan may encumber a salary to a maximum of 50%, meaning that the instalment amount may not exceed one half of your salary.

6.What documentation do I need for a housing loan?

The Housing Loan Application is submitted based on the Sales/purchase Agreement which is concluded by and between the Real Estate Seller and Buyer. However, besides this there are also other certificates one is required to obtain so that the housing loan would be approved. Since this is an important life investment, documentation for this loan type is different and in more detail than for other loans. Your banking advisor will provide you with the entire list of required documentation.

7.What types of housing loans do you offer?

In our offer we have housing loans with variable interest rate and combined housing loans, as well as RSD housing loans that are not pegged to the EUR exchange rate.

The difference between the loan with variable interest and combined loans is that when it comes to combined housing loans, you have the possibility to choose whether you will repay the loan with fixed or with a variable interest rate and to periodically change the interest type.

8.Is the housing loan pegged to the EUR exchange rate?

Should you opt for a RSD housing loan, then your instalment will not be adjusted with the EUR exchange rate. Other housing loan types are adjusted with the EUR rate.

Can I join my salary with another person in order to take a housing loan?

Yes, it is possible to join income with a joint debtor who must also be credit worthy and open a current account with our Bank. The salary of the joint debtor may be encumbered to a maximum of 50% with this loan. The joint debtor may be your spouse or common-law partner or a family member.

9.Is insurance with a housing loan mandatory?

A property insurance policy provided in favour of the Bank, as well as life insurance of the loan beneficiary is mandatory with a housing loan.

10.Is mortgage mandatory for a housing loan?

A mortgage is used as collateral of a housing loan, which can be registered over the real estate that is the subject of housing loan, or it can be registered over another corresponding real estate.

11.Can I take a housing loan if I am already repaying a cash loan?

It is possible that you take a housing loan along with the cash loan, which depends on the amount of your income and credit worthiness.

12.Can a pensioner take a housing loan?

A regular beneficiary of Retirement and Disability Insurance services may be a housing loan beneficiary. The conditions he/she should meet is that at the moment of repaying the last loan instalment, the housing loan beneficiary is not older than 70 years of age.

13. What is the age limit for housing loan repayment?

At the moment of applying for the loan, a client may not be younger than 21 years of age.

Also, at the moment of repaying the last loan instalment, a client may not be older than 70 years of age.

14. What are the total costs for a housing loan?

Applying for the loan implies submission of several different certificates that are collected, as for example the pledge statement, property insurance policy provided in favour of the bank or Credit Bureau Report. You may advise your Credit Advisor regarding the entire documentation and costs for obtaining thereof.

15. What is the waiting period for housing loan approval?

A housing loan has a procedure that requires detailed checks of the entire submitted documentation. From the moment you apply for a housing loan, you will be in touch with your Credit Advisor who will timely inform you of the realisation procedure and outcome of your application.

16. Can I take a housing loan at your Bank if I receive my salary in another bank?

In order to exercise the condition to apply for a housing loan, it is necessary that you transfer your salary to the current account opened with our Bank.

17. What is a mortgage?

A mortgage means a loan collateral. In the event a client is not able to repay his/her credit liabilities, the Bank as the mortgagee has the possibility to activate the mortgage and collect its receivables through selling the real estate. The mortgage can be registered over the real estate that is the subject of the Sale/purchase Agreement or over another corresponding real estate.

18. Can I purchase an office space with a housing loan?

A housing loan is not intended for purchasing an office space.

 

19. Can an office space be the mortgage subject for a housing loan?

An office space is not accepted as the mortgage subject for a housing loan.

20. Is early repayment of housing loan possible?

You can either partially or fully effect early repayment of the loan at any time.

Please submit the application via our online contact form, and we will contact you

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