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    Be careful if with a down payment of 10% for the apartment – such a loan is actually MORE EXPENSIVE

    Last week, the National Bank of Serbia adopted a regulation that allows banks to approve loans for the purchase of the first real estate even with a 10% down payment. Until now, the obligation of buyer of any real estate was down payment of 20%. Apart from the question of whether banks will apply this rule in the first place, because it is a possibility, not an obligation, it should be noted that loans with a lower down payment are more expensive for the client and monthly instalments are higher. Thus, following repayment, loan will cost user more, not only for 10% of the down payment, but also for the interest on that amount. On the example of a loan of 45,000 euros with a 20 percent down payment, which is 9,000 euros, after 20 years one returns bank 46,630 euros, at an interest rate of 2.7 percent. The total interest collected is 10,630 euros. The monthly instalment would be 195 euros. In case the same loan is taken under the same conditions with a down payment of 10%, which is 4,500 euros, the client would pay the bank a total of 52,460 euros. The total interest charged would be 11,960 euros. The monthly instalment would amount to almost 220 euros. Thus a 4,500 euro higher loan at the beginning, by the end of repayment would cost you 5,830 euros

    Izvor: BIZLife/Politika

    Foto: Pixabay

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