Redaction Czech loan | 07.03.2019

How to get mortgage in Czech?

Do you want to buy flat or build your own house in Czech Republic? Do you need take a loan from Czech bank? Here is  overview of the basic legal conditions required by Czech National Bank (CNB). These rules are universal for everybody despite you are Czech citizen or not.

Mortgage rules:
1) Object of purchase: flat, family house, apartment house, cottage or building land,
2) Loan to Value can be max. 80%,
3) Own savings: 20%  of your own money you have to invest first,
4) Debt Service To Income:  max. 45% monthly payment of loan vs. your’s net income,
5) Debt To Income: max. 9x – total loan vs. early net income,
6) Scoring of bonity: positive stable sufficient income, no negative history about previous loans.

Recomended steps how to stay on safety side and has situation under control:
1) Ask your mortgage broker to prepare credit offers and compare coditions,
2) Asko your broket to do scoring of bonity in bank before signing reservation contract with real estate company,
3) Let do valuation of house or flat you want to use as bank quarantee (pledge) by bank technician,
3) Reservation contract with real estate agency can be signed,
3) Let check purchase contract, therms and conditions of widrawing money has to be usualy adjusted with a bank,
4) Mortgage loan will be approved by bank and shall be signed,
5) Signing purchase contract at a notary office,
6) Signing pledge contract at a notary office.

Need more explanation of above terms? Or need to know your scoring? Please contact us by form.


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