Mortgage loan

Millennium provides a loan for a maximum percentage of either the house's purchase price or its appraised value, depending on whichever is lower. The difference between the loan amount and the purchase price is called equity and is paid by you. The maximum term of the loan varies according to the age of the older holder. For example, if you are under 30 years old, the maximum term is 40 years. Between the ages of 31 and 34, the maximum term will be 37 years. From the age of 35, the maximum term will be 35 years, provided that none of the holders exceeds the age of 72 at the end of the loan. The longer the term, the lower your monthly payment (as long as the rest of the conditions remain unchanged).

You can decrease the spread by choosing and regularly using additional products or services (optional associated sales). For instance, things like having your salary deposited, using a credit card, or getting loan-related insurance can help lower the spread.

The spread is the additional interest rate set by  Millennium. It’s added to the index (monthly average of the 3, 6 or 12 month Euribor) to obtain the nominal annual interest rate (TAN).

The European Standard Information Sheet is a document provided by Millennium containing detailed information on all the variables and the particular conditions of your loan.

This document helps you compare offers from different banks, making it easier to decide responsibly before finalizing the loan agreement.

The primary house documents necessary for obtaining a mortgage loan include:

• Permanent Certificate
• Caderneta Predial (Property Tax Document)
• Dimensioned Plan
• Energy Certificate

Additionally, a usage license might be necessary.

Depending on the loan type, there might be additional documents requested as well.

The insurances required for mortgage loans are life insurance and home insurance. However, it's not mandatory to purchase these insurances from the bank providing the loan.