The coronavirus crisis does not stop the bank’s battery of mortgage news. And one of the latest to hit the market is the one launched in September by Pibank for the purchase of a habitual home, and which is the mortgage of the week.
It is a variable loan that allows financing operations from 80,000 euros, has no commissions and saves the client both the cost of the appraisal and the first six months of payment.
From idealista / mortgages they explain that it is one of the most competitive variable mortgages of the moment for several reasons: the first, that allows financing up to 90% of the purchase price of the house, compared to the 80% that banks usually establish to offer good conditions. Of course, in the case of the appraisal value, the amount to be financed cannot exceed that usual 80%.
Another of its advantages is that it can be signed to a maximum term of 35 and a half years, compared to the 30 years that most entities set as a limit, and a minimum term of 15 and a half years. In addition, it has a wide range when it comes to operations: the client can get between 80,000 euros and 2 million euros, depending on their risk profile and the property they want to buy.
This Pibank mortgage, which it is processed online, too stands out for not establishing commissions opening of the mortgage, or early cancellation (either partial or total), or by subrogation or study, and allows the client not to pay anything during the first six months of contracting. No capital, no interest.
After that half-year absence, during the first 12 months the interest rate to be paid is fixed and stands at 1.95%. From then on (that is, 18 months after signing the loan), the interest payable is Euribor + 0.95% (2.07% APR).
Another of its points in favor is that Pibank assumes the cost of the appraisal of the property that is the object of the operation (when, according to the mortgage law that came into force in June 2019, the payment falls on the client, as well as the copies of the deed requested, while the banks must assume the notary fees, agency, registration and the Tax on Documented Legal Acts).
Finally, and this is another of its differences with respect to the competition, it maintains the offer for all clients, even for those who do not take out home insurance or decide not to direct their payroll. So, It is not necessary to go to the famous bonuses to get these conditions. What Pibank does require is that the client has a bank account to direct debit payments and contracted home insurance, regardless of with which entity or insurer.
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