Photo: Pixabay.com/ nattanan23
Bigbank Latvia By starting to offer mortgage loans, the possibility of obtaining a loan for Latvian real estate buyers has expanded. The bank offers loans in the amount of up to 300,000 euros with a competitive interest rate – from 1.8%. In addition, for the first time in Latvia, an unprecedented repayment schedule is offered.
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Bigbank started offering mortgages in Estonia a year ago and immediately gained a very wide response on favorable terms. The success inspired the establishment of a similar service in Latvia as well. It provides an opportunity to borrow from 20 to 300 thousand euros for a term of up to 30 years with a loan interest rate starting from 1.8% + EURIBOR.
In addition, families with children with a steady income but not enough savings to make the down payment are available high warranty. Thus, the first installment can be reduced by up to 5%. Borrowers have access to a linear or descending, annuity and special repayment schedule, which provides for deferment of repayment of the principal amount for up to 20 years.
«Entering the mortgage loan market in Latvia, we want to create more favorable conditions for Latvian residents to purchase a home. It is no secret that in Latvia, compared to Scandinavia, mortgage interest rates are much higher, although loans are issued by the same banks both here and in the Nordic countries.
Our loan is available to the widest range of customers, including young families and people who want to buy property in the regions, »emphasizes Bigbank Latvia the host Ģirts Kurmis.
Bigbank Latvia The mortgage loan is special with a special repayment schedule, which is not offered by any other bank in Latvia.
It provides for a loan of up to 200 thousand euros with a term of up to 30 years, which for the first 20 years can only pay interest payments. Thus, during the stabilization period of the new family, the monthly payment for housing can be up to three times lower than the monthly rent for equivalent housing.
Experts believe that Latvia still lags behind Estonia and Lithuania in mortgage lending. Consequently, the appearance of a new player in the mortgage loan market is to be assessed positively, as competition will increase, new types of lending will appear, as well as interest rates may decrease.
The activation of mortgage lending will result in an increase in lending in the real economy, which is also to be assessed positively, as lending volumes and opportunities in the real economy are still insufficient.
Mortgages are the latest offering in the fast growing Bigbank Latvia range of loans. The bank has recently started offering loans for the purchase of agricultural land and forests, and the volume of loans issued to companies is growing very rapidly. In the 1st quarter of 2021, it increased by 201% compared to the 1st quarter of the previous year.
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