American Mortgage is a general-purpose loan secured by a property that can be used for financing any purchase without documenting the purpose. Financing is provided up to 70 % of the property collateral value, and the repayment term can be as long as 25 years!
Many people mistakenly think that a mortgage loan is only available for buying real estate. Our American Mortgage can be used for financing any purchase, and there is no need to provide the Bank with information how the loan will be used. We send the money to your current account and you can use it for anything you need - buying a car, going on vacation, or paying your children's schooling. Take advantage of the American Mortgage!
Advantages of a LBBW Bank American Mortgage
- Long repayment period up to 25 years!
- Low interest rates
- Maximum age of applicant in the year of loan maturity up to 70 years
American Mortgage Parameters
| Maximum LTV * | 70 % |
| Minimum loan value | CZK 250,000 |
| Maximum loan value | CZK 6,250,000 |
| Minimum repayment term | 4 years |
| Maximum repayment term | 25 years |
| Interest rate fixing period | 1, 2, 3, 4, 5, 10, 15, and 20 years |
| Drawdown | Lump sum |
| Repayment | Monthly annuity installments |
| Current account | LBBW Bank CZ a.s. current account required ** |
| Required insurance | Insurance of the mortgaged property |
* LTV = the ratio of the loan and the property collateral value.
** Opening and closing the current account is free of charge!
Is a mortgage loan for you?
A mortgage loan is available to:
- Czech citizens
- Slovak citizens
- other foreigners with permanent or temporary residence in the Czech Republic
Note:
Up to four applicants from two households may apply for a loan jointly.
Examples of using an American Mortgage
- The loan can be used for any purpose. It depends on you.
Collateral
The loan must be secured by a lien on a property located in the Czech Republic. The mortgaged property must be owned (or co-owned) by the applicant or close relatives (parents, children, spouse) and these persons must reside at the property permanently.
Requirements for obtaining a mortgage loan
- Minimum age 18 years
- Minimum income
- 10.000 CZK in case of 1 applicant
- 15.000 CZK in case of 2 or more applicants (altogether out of which a minimum of 10.000 CZK from the main applicant)
- Current employment must last at least 3 months (self-employed persons must have been conducting business for at least two years)
- Verifiable contact telephone number for the applicant's employer
- Contact telephone number for the applicant
Documents required for processing a mortgage application
- Completed application
- One identification document
- Income statement
- employees must provide a statement confirming their salary
- self-employed persons must provide a tax return for the last taxation period
- documents pertaining to the mortgaged property / purpose of the loan
Note:
If the property is co-owned by spouses, a mortgage application must be made jointly by both spouses.
Additional documents may be required in the case of non-standard income, loan purpose, or collateral.
Additional information
- Documents pertaining to the mortgaged property / purpose of the loan
- List of fees
- Current interest rates - a table of interest rates for Private and Personal Banking (Page 6)
For detailed information on mortgage loans visit any LBBW Bank branch.
