A significant number of customers with a bank credit could easily switch to a much better loan, saving them up to 20% on their monthly installment.
These clients, if they considered the possibility of redemption, would transfer their unfavorable loan into a more favorable interest rate, possibly longer term, arrangement now available, and reduce their debt, as they had applied for and obtained a higher interest on the loan previously received.
There is a minimum number of customers switching banks in Hungary, maximum 7%, which is why the number of loan redemptions can be low.
Choice bid 3 steps:
- First step: we assess and systematize our debts, repayments, with regard to possible changes, change of period and how long these installments have to be paid. Commodity loans, outstanding personal and mortgage loans, but even credit card debt must be checked, and outstanding utility or rent arrears are included.
- Step Two: We carefully review the contracts given and signed by the bank, especially looking at the repayment and redemption of loans. Many banks allow you to change the terms only in an emergency, and you should seek the help of financial experts.
- If there is a significant difference between the amount payable and the redemption amount, the third step is to select the type of loan for which we would replace our current unfavorable arrangement. If we change the maturity, we can speed up the repayment rate, if the maturity remains, we can pay less as a monthly repayment, and even in the new construction it is possible to redirect the remaining amount from the replacement loan.
Significantly lower monthly charges!
In today’s money market, we have enough low personal loans of up to 7%, which we can devote to redeeming loans. So low a single-digit interest rate could only be used to take out mortgages. Nowadays, these available soft loans are commonplace, and that’s why it’s worth thinking about redeeming your loans, and if you pay one loan for all of your loans, your monthly repayment will be more predictable and traceable.
“Each client’s case is unique as they arrive at the bank in different financial situations, with different size and composition of debt.
Our overall experience is that, overall, the customer can cut approximately 20% of the monthly repayment installment with optimal redemption of loans, ”said Jerpodas Heigterson, Head of Retail Product Development at Sberbank.
CAN’T WAIT FOR A PURCHASE, WHO HAS NOW A HOUSEHOLD! At the moment, the rise in house prices has slowed down, with regard to financing options for home purchase, we can choose from a record low-interest credit facility, and the opportunity to get a home will never be more favorable in the near future!
If interested in FAVORABLE home loans, about the kiss, the consumer-credit, credit intermediary contact our experts who provide free professional information on home loans!