American mortgageAbout Product

For whom the product is designed

• Private individuals - individual clients above 18 years of age

Product description

The American mortgage is a specific loan secured by a lien on a real estate intended for financing:

• Goods and services purchased for personal needs, such as purchase of a new or used vehicle, studies abroad, etc.
• Settlement of co-ownership of spouses during divorce proceedings
• Settlement of obligations between private individuals during transfers of the right of use of cooperative apartment
• Payment of notary public and court fees
• Certainly is possible use a non-specific cash variant American mortgage, when the funds provided under the loan are transferred directly to the client's account or paid out in cash without documenting the purpose of the loan

Basic loan parameters:

• The minimum loan amount is CZK 150 thousand.
• The maximum loan amount is limited by the value of the real estate and the client’s capacity to repay the loan to the bank in accordance with the agreed conditions.
• The loan is provided in amounts of up to 90% of the value of the real estate as determined by the bank according to valuation by a contracting expert of Česká spořitelna.
• The maximum period of loan maturity is 20 years.

Advantages

• Guaranteed interest rate fixed for the entire loan maturity period
• The maturity period of up to 20 years helps to reduce the financial stress on families by providing lower loan repayments.
• Extra instalments can be made at any time and are not subject to financial sanctions.
• Loan account statements free of charge
• Private individuals who do not have a giro or current account with Česká spořitelna can also apply for the loan.

Product Terms and Conditions

Proof of income:

Applicants (co-applicants) with income from employment provide a certificate of their average net monthly income for the last three months as a proof of their income. The certificate remains valid for 30 days of the date of issue.

Clients with single-entry accounting provide at least:

• Tax returns (without attachments) for the previous 2 completed taxation periods
• Certificate of tax settlement
• Affidavit of the current balance of the client’s (overdue) obligations towards the revenue authority, district social administration authority and health insurance company

Clients with double-entry accounting provide at least:

• Tax returns including attachments for the previous 2 completed taxation periods
• Certificate of tax settlement

Documents relating to the relevant real estate:

• Real estate valuation issued by a contracting expert of Česká spořitelna
• Extract from Land Registry
• Document of title to the real estate
• Insurance policy against natural hazards concluded for the real estate
• In consumer variant mortgage loan as well documents relating to the purpose of the loan, such as an invoice, contract of purchase, etc.