Tomasz Półtorak is a specialist who shares his knowledge about apartment or house loans online. It tells you what conditions must be met to receive money, explains all the nuances related to banks and much, much more. We can find him on Instagram under the nickname , where he shares his knowledge for free. Recently, he was also a guest of Agnieszka Matracka, where in an interview from the “We have time” series, he talked about, among other things, whether you need to have your own contribution to get a loan.
What can constitute an own contribution? Not just money
Own contribution for an apartment is nothing else than the funds of the person interested in the loan, which should be invested in the transaction. Contrary to popular opinion, it turns out that it does not necessarily have to be money transferred to the bank. As he noted, own contribution may also consist of:
- advance payment or deposit already paid for the purchase of real estate,
- purchased ploton which we will build the house, with the understanding that it must have its value.
As for own contribution in the form of money transferred to banks, standardly it is 20%. total investment cost. Standard, but not always, as there are ways to lower it. – There are also certain loopholes that can be used to reduce this own contribution – said the specialist.
Do you always have to have your own contribution for an apartment? The specialist revealed how to reduce it
In the interview, Tomasz Półtorak pointed out two ways to reduce the amount of own contribution from 20 to 10 percent. What are they? The first of them is the so-called low own contribution insurance, which is nothing more than insurance purchased from a bank. It is inexpensive in itself, and it is often the case that some do not pass on its cost to the customer at all. The second method is the government program Family Housing Loan.
Do you need to have your own contribution for the apartment? Do you need to have your own contribution for the apartment? Photo pexels.com / Oleksandr
Is own contribution required? Not on this show
A family housing loan is a program addressed to people who have enough earnings to repay a home loan, but do not have money for a down payment. To use it, you must meet a number of requirements, which is not always easy. Among them we will find, among others: a provision that both the borrower and members of his household cannot own another apartment, to which there are exceptions. The situation is different if they have two or more children, because then they can have a flat, but no larger than 50 m2 for two children, 75 m2 for three children and 90 m2 for four children. Above this limit no longer applies. That’s not all, however, because, as the specialist points out, there is also a limit to the maximum price per square meter that we want to buy under the program. Unfortunately, in larger cities it is rarely possible to fit in it. – Over the last two years, there were really isolated cases when we did RKM and managed to meet all the criteria set for the client – he explained. So the matter is not as simple as it may seem, although of course this does not mean that it is impossible. You can read more about the family housing loan.
Source: Gazeta
Bruce is a talented author and journalist with a passion for entertainment . He currently works as a writer at the 247 News Agency, where he has established himself as a respected voice in the industry.
