Free loan application? Don’t kid yourself, there’s a cheaper one
There is no opening fee, no prepayment fee. However, home savings cannot be used to prepay your loan, and this will immediately put a huge strain on free credit.
It is not enough to apply to have your entire pocket pre-financed the whole investment, to have 30 pages of prints, we even lose the state subsidy for home savings.
Why do I need a loan?
(Really, if I can pre-finance the work for several months, why do I need a loan? Or how much more expensive is the contractor if he knows I wouldn’t be able to do it without his funding?)
We need an energy test both before and after, which doesn’t cost two pennies. (This is a very important thing, you need to make sure that the property does not consume more energy after installing the solar panel or replacing the windows… Vigilance and bureaucracy is the key ?)
How much would the same credit cost
If we forget all the headaches and clowns, go to the first, say, OTP branch and take an OTP Savings Home Creation Loan, for example, $ 2 million for 10 years, combined with a home savings bank? (A solar cell comes out of two million forints, but if you want to add twice that amount, similar numbers will come out.)
We pay $ 20,000 a month in apartment savings and repay it in four years.
Until the repayment, we only pay the bank interest, which is HUF 5,695 per month. (This is why it is a combined loan.) This has to be added to the monthly savings of HUF 20 thousand. Repayment from OTP home savings is free of charge.
Interest is 3.37%. The interest period is annual but may not exceed 6% during the first five years. (State subsidized interest.)
After the prepayment, we leave (na) HUF 827,884,000 of our loan as additional principal.
But we either have a co-debtor involved in the loan, or one of our relatives also makes an OTP apartment savings at a rate of 14,000 forints per month.
So for less than HUF 1,190 we will have just two million in 48 months from the two apartment savings, we will repay it for free and it is ready.
Let’s face it: we pay the bank $ 273,360 in interest over 48 months
(Although this may increase to a maximum of 6%.)
We pay HUF 1.53 million for the two apartment savings. (Calculator here)
The discounted opening price of the loan is HUF 29,115. The opening fee of the two apartment savings is now HUF 35,000.
Our total cost for a two million loan from start to finish is $ 1,867,475.
No tendering, no post financing, no bidding, no 30 page credit request, no energy certificates.
I’m telling you to apply their free credit on their hair. ?
(As I wrote in the previous article, free credit is good if you want to replace your 10,000 monthly electricity bill with a 15-year solar panel loan. Read the previous article as well.)