Home loan – easier or harder in the current times?

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Home loan – easier or harder in the current times?
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The current time associated with the coronavirus pandemic has greatly affected the unemployment rate and job stability in many industries that are affected by the crisis or lockdown. Because of this, many people are wondering if it is possible to get a home loan. Find out whether it’s easier or harder to get a mortgage now and what conditions you need to meet to apply for one.


Even before making the final decision, related to the granting of a mortgage loan, banks analyze many factors. Unfortunately, they are not always dependent on the applicant. Many times we have to deal with the situation of rejection of applications even when the earnings of candidates are maintained at a relatively high level. Is it at all possible? What conditions must be met in order to be able to apply for a mortgage without any worries these days?

Many people due to the prevailing pandemic increasingly dream of creating a safe place for their family. The result of this remains, among other things, an increase in the popularity of applying for mortgages, which are the ticket to building their own homes.

According to a 2016 BIG report, about two million Poles have a mortgage. This is one of the obligations that remains paid regularly. Unfortunately, not every person involved can afford it. There are many factors that have a negative impact on the decision and can lead to the rejection of the application

What are the conditions for obtaining a mortgage?

Among the most important conditions that affect the successful processing of a mortgage application is the age of the applicant. The most important criterion remains, of course, the age of majority, but among those who enjoy the most frequent percentage of successful applications are those under 35 years of age. Unfortunately, older people can face big problems when it comes to getting a mortgage. The bank takes into account not so much the age of the applicant at the time of application, but at the time of full repayment of the loan. In a situation where we decide late to take a loan, we can therefore count on proposals from the bank with a shorter duration of the contract

In the framework of the rules of banks, the borrower at the time of repayment of the last installment of credit should not exceed the age of 75 or 80 years. This is one of the guarantees of the possibility of receiving repayment for the granted financing. After all, remember that deciding on a mortgage involves having a long-term commitment

What documents are needed to get a mortgage?

When applying for a mortgage, let’s make sure to have

  • a credit application,
  • certificate of employment,
  • identity document in the form of an ID card,
  • income statement,
  • a preliminary agreement concluded with a developer in case of applying for financing of a real estate from the primary market

The maximum duration of the process from the moment of submitting the application to obtaining a credit decision is 21 days. In practice, however, banks try to shorten it as much as possible and it usually takes no longer than 4 working days

>> See also: Buying real estate. Is it worth to cooperate with an intermediary?

Mortgage loan and COVID

The possibility of obtaining a mortgage during the pandemic depends on the industry in which we work or run our business. Changing procedures during a pandemic, an increase in the required deposit, as well as the chaos that can occur as a result of ignorance and not having the right tools are also significant concerns. Thus, many Poles have had to postpone the dream of their own apartment or house. Nevertheless, not for everyone black clouds appeared on the horizon. Banks during the pandemic decided, among other things, to reduce the main interest rates and the possibility of taking advantage of credit vacations. Currently, most procedures can be successfully handled remotely, which makes the process of applying for a mortgage much easier and faster

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