Young marriages belong to the group of clients who most often apply for bank loans. Why is this happening? This is, of course, related to planning a joint life, building a house, buying an apartment or renovating, and adapting home conditions for a larger family. These people face a dilemma above all, where to look for the best loan offer and they doubt whether they will receive a loan for young married couples at all. Check the most important information about the loan for young people and see where we can find the best offer.
When do we apply for a loan for young people?
A loan for young married couples is a popular query among people who are looking for their first joint apartment. Let’s not fool ourselves – if young people do not receive financial support from loved ones, in most cases they have a lot of difficulty to buy an apartment for cash. Even joint high earnings will not make us quickly put aside an appropriate amount to buy an apartment. In this situation, a bank loan will be helpful, which does not lose popularity among young people.
Marriage loan – what to look for?
A marriage loan is a great challenge for young people who start a life together. They have to decide on choosing the right apartment, living space and then create a balance of profits and monthly costs. Estimating the family budget on a monthly basis, i.e. income from remuneration for work performed and accurate expenditure should be the basis before we apply for a loan. Pay attention to many details. The first will be an analysis of our credit history. If one of the spouses is in arrears with the repayment of any financial obligations, he should settle them as soon as possible. Yes, in order to be able to apply for a loan with a positive credit history.
What is the next stage of applying for a loan for an apartment for young married couples?
The next stage will be the calculation of the estimated amount of the loan installment, i.e. the monthly cost that the spouses will have to incur after having concluded the loan agreement with the bank. Of course, it is difficult to predict what professional situations may await us in the future, especially when we apply for a loan, e.g. for 20 years. After all, you should analyze your own salary options. In addition, we can be sure that the bank will also check our creditworthiness, which will be greatly influenced by the nature of employment and the amount of salary received. A loan for high-value years is a huge responsibility. That is why we have to make such decisions consciously.
Familiarize yourself with the offers of institutions providing the loan offer for a home for young married couples
It doesn’t matter if we need a loan to build a house or purchase and furnish an apartment – we have to go to the bank’s office and present our application to a credit advisor. However, is this the best way to apply for a loan? It is not worth to suggest, for example, our attitude towards the selected bank and blindly visit the selected branch of the financial institution. First, prepare yourself best to talk to a credit expert with whom you will talk to the bank. By proper preparation, we mean, among others, the selection of the most financially advantageous offer, creating a list of several banks in which it is worth trying to apply for a loan for young marriages.
Below are the cash loan offers from banks, which can also be called financial support for young married couples. If one of these offers interests you, all you have to do is click the ‘Submit’ button and you will be directed to the lender’s website.
Credit for young marriages – where to look for the best offers?
The fastest way to find loan offers will be comparison websites that collect most mortgage loan offers in one place. On this type of services, it is very easy to compare several offers of selected banks, thanks to which we will know the costs that await us, which in turn will help us make the initial selection. What to look for when comparing loan offers in comparison websites?
When choosing a loan, we check first of all:
- interest – their maximum value is specified in the Civil Code. It may not exceed twice the sum of the NBP reference rate and 2.5 percentage points, i.e. as at 20.03.2019 – 10%. However, banks usually guarantee interest at the level of statutory interest, i.e. currently 5%.
- WIBOR rate – the interest rate on the interbank market. The amount of the installment depends on this value and will be adjusted to the current rates. If a given product is marked with the WIBOR 3M symbol, it means that every three months the amount of our installments may change. The higher the WIBOR value, the more we will have to pay the bank.
- bank’s margin
- amount of monthly installments (results from interest and margin)
- amount of own funds (equity)
- LtV – loan amount in relation to the value of collateral
A bank representative during a conversation related to applying for a loan should honestly answer all our questions and doubts. We will also have an insight into the loan agreement, so you should learn the basic concepts of bank loans beforehand so that the text is as understandable as possible. If some points of the contract after explanations of a bank employee are still unclear to us, we can consult a legal advisor qualified in credit matters or an independent credit advisor
Alternative financial solutions
It happens that we received a loan to buy an apartment, but when arranging a place to live, we calculated the costs. The account balance prevents us from further work. Then we can think about installment loans if we want to spread the repayment over many installments. For payday loans, the small amount of loan expected will work. Chwilówka will be a good alternative for current needs, especially since many of them can be obtained without interest. However, you should remember about the short repayment period.