Bancherul - BANCI / ENGLISH / Millennium Bank Romania launches complex refinancing offer

Individuals with mortgage loans can now benefit from Millennium Bank’s complex refinancing offer which includes both mortgage and home equity loans options, said the bank in a press release.

“Millennium Bank addresses a market with a significant potential as, nowadays, individuals re-evaluate their old mortgage loans costs and most of them decide it’s more efficient to refinance their debt.

Approximately 50% of the mortgage loans applications we received over the last quarter of 2010 represented loans for refinancing”, Eliza Erhan, Head of Retail Product Development with Millennium Bank, stated.
The bank offers two types of products, tailored according to clients’ specific needs. The first refinancing option is the Mortgage Loan, addressed to customers who want to refinance their existing loan in order to reduce the instalment monthly costs. The loan tenor is 30 years and the financing can reach up to 90% of the collateral’s value. The interest rate is variable and made of three-month Euribor/Robor plus a margin starting from 5%.

The second refinancing option is Millennium Bank’s Refinancing Cash Loan with Mortgage, a product newly introduced in the bank’s offer. This loan gives clients the possibility to benefit from a lower monthly instalment by refinancing an existing mortgage loan and, in addition, get an extra amount to use either to refinance other debt or for other purposes, without justification needed.

The credit’s variable interest rate is made of three-month Euribor/Robor plus a margin starting from 5.5. The Refinancing Cash Loan with Mortgage tenor is 30 years and the amount can reach up to 75% of the mortgaged real estate value.

Both refinancing options benefit from zero analysis fees until the end of June 2011. The margins for the two types of loans depend on the down payment percentage and on the clients’ option to transfer their income to the bank. Clients benefit from free life insurance and zero administration fee.

The advertising campaign that promotes Millennium Bank’s refinancing offer stars Holograf and marks the third collaboration between the bank and the music band. The campaign will be developed on TV, print, online, outdoor and indoor media.