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Mortgage Loans

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What is a Mortgage Loan?

 

A mortgage loan is a bank loan secured by a real property. A mortgage occurs when an owner pledges his right to a property as security or collateral for a loan. The purpose of a mortgage loan can be: purchase of an apartment or a house, purchase of a shop, reconstruction (house/ shop) or furniture

 

Mortgages are structured as long terms loans, the periodic payments for which are similar to an annuity and calculated according to the time value of money formulae.

 

There are two main types of mortgage loans: fixed rate mortgages and adjustable rate mortgages. Combination of fixed and floating rate (fixed rate for certain period and floating/ adjustable after the end of that period) is as well used.
In the adjustable rate mortgage the interest is adjusted periodically to a market index (Libor, Euribor, TBills).

 

The loan may be repaid in different ways, but the bank currently offers repayment with fixed monthly installments.
The monthly installments contain capital (repayment of principal) and the interest element. The amount of capital included in each payment varies throughout the term of the mortgage.

 

Our bank for the moment offers these types of Mortgage Loans:

 

  • Mortgage Loan for Real Estate Purchase
  • Mortgage Loan for All purposes

 

Target Clientele

 

Main target clientele for this product are individual customers willing to buy a residential property. As a condition to get the loan is to have a good credit history and good incomes, the following are the main targeted type of customers:

  • Customers with a good credit history and good reputation
  • Customers with regular and steady incomes

 

Within this target mortgage loans can be sold to families, new couples or young individuals buying their first house, matured couples buying a bigger or a second house, or a shop etc.

 

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