IQ Mortgage is a loan for buying a property for housing purposes, where financing can cover up to 90 % of the property collateral value and the repayment term can be as long as 30 years!
Have you had enough of paying the rent or living in small apartment? Are you in the market for a bigger dwelling and considering buying a condominium or family house? Do you need money you have invested into real estate some time ago? Do you want to settle the ownership of your property, pay an inheritance share, or buy out a co-owner's share? IQ Mortgage will help you take care of all these matters.
Advantages of LBBW Bank IQ Mortgage - a mortgage loan for housing or recreation
- Long-term loan maturity up to 30 years!
- Financing for up to 90 % of the property collateral value
- Low interest rates fixed for up to 20 years
- Low processing fees
IQ Mortgage Parameters
| Maximum LTV * | 90 % |
| Minimum loan value | CZK 250 000 |
| Maximum loan value | CZK 12.5 million |
| Minimum repayment term | 4 years |
| Maximum repayment term | 30 years ** |
| Interest rate fixing period | 1, 2, 3, 4, 5, 10, 15, and 20 year |
| Drawdown | Lump sum or gradual |
| 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 IQ Mortgage
- Purchase of an apartment, family house, or building lot for residential or recreational purposes
- Construction of a property
- Reconstruction and refinement works
- Acquisition of a cooperative share
- Settlement of an ownership share
- payment of inheritance share
- settlement of joint ownership of spouses
- buyout of co-ownership shares
- Refinancing of an investment into housing (recreation) or loans from legal entities invested into housing (recreation)
The loan must be used for financing a property used as your housing or used for your own needs.
Collateral
The loan must be secured by a lien on a property located in the Czech Republic. The mortgaged property does not have to be owned by the applicant for IQ Mortgage.
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 three 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 or the last three payroll slips
- 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.
