Mortgage loans are cash loans to which real estate is used as an insurance instrument. Most banks offer mortgage loans predominantly in the euro currency with a maturity of up to 20 years. A typical insurance instrument is the insurance policy and real estate.
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Credit rating of mortgage loan applicants
Each bank in the HR internal regulations prescribes the required credit rating for mortgage loan applicants. The Bank retains the discretionary right and not the approval of the loan. The usual conditions for creditworthiness of mortgage loans:
Persons who earn permanent monthly income within HR (salaries, fees, pensions). For sailors, embassy staff, free professions, etc. Credit rating is determined according to a special calculation
Flexibility in settling liabilities towards banks (checked by insight into HROK)
The amount of loan that can be raised is determined by the potential annuity ie by the amount of unpaid monthly earnings, the portion that remains after the settlement of obligations under ALL loans. In most cases, the unpaid part of the salary must amount to at least 2/3 of the average salary paid to the Republic of Croatia in the previous year.
Guarantors or co-borrowers can increase the creditworthiness of the loan applicant. Receipts of guarantors or co-borrowers are added to the credit beneficiary’s receipts, and jointly determine their creditworthiness. Regardless of the receivables of guarantors, banks generally do not approve loans if the borrower’s receipts are less than the monthly annuity. For most loans, it is common for spouses to be co-borrowers in the loan
Mortgage loan insurance instruments
Loan insurance instruments primarily depend on the amount of credit, creditworthiness and the selected loan model. Mortgage loan insurance instruments are generally similar to housing collateral instruments:
Mortgage on real estate
Real estate insurance policy against basic risks, vinkulated for the benefit of the bank
Bills of exchange, bonds, consent to confiscated wages