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Historic Low Value for Interest Rates for Mortgages in Czech Republic

Interest-Rates-for-Mortgages-in-Czech-Republic-Historic-Low-Value.jpgThe natural persons or legal entities interested in purchasing a property in Czech Republic have better conditions when applying for a loan issued by a local bank. The mortgage market in Czech Republic reached a new record at the level of November 2016, when the interest rate applicable to mortgages was established at 1.77%. An important aspect related to this market is that the foreigners can get a mortgage in a faster manner, as they are no longer required to first set up a company here, prior to purchasing a property. Our team of Czech lawyers can offer legal assistance to foreigners who are interested in the lending conditions applicable in this country. 
 

Mortgage market in Czech Republic

 
The overall number of the mortgages registered in Czech Republic at the level of November 2016 increased to 14,386, marking the highest value set up in 2016. The second highest number was registered in June 2016, when the total number of mortgages was situated at 12,324.
 
The value of the contracts established in November amounted for CZK 29.683 billion.
 
Another important aspect is that, starting with December 2016, those signing mortgages contracts will benefit from the stipulations of the Consumer Credit Act, which will provide better conditions for early repayments. However, it is important to know that the local analysts said that the mortgages rates will not go lower than this value. Our team of lawyers in Czech Republic can assist with more details related to the lending conditions applicable to this field. 
 

Obtain a mortgage in Czech Republic  

 
At the moment, Czech citizens can obtain a mortgage rather easy, as the conditions established in this sense are simple. The regulations were modified to better accommodate the needs of the foreign citizens, as well. The main criterion in obtaining a mortgage is to offer a proof of having a stable income. 
 
This is applicable to local citizens, as well as to citizens of the European Union (EU). Self-employed persons are also allowed to obtain a mortgage, but the regulations available for them are different than in the case of those who are employed in a Czech company
 
Please contact our law firm in Czech Republic for more details referring to the legislation regulating the mortgage market
 

Comments

  • Martina 2017-01-03

    This is a very important information, for both individuals, as well as legal entities.

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