Bancherul - BANCI / ENGLISH / Millennium Bank cuts interest rate and increases the financed amount for Cash Loan with Mortgage

Millennium Bank Romanian clients can now benefit from lower interest rates and higher amounts for the Cash Loan with Mortgage. The interest rate is made of three months Euribor/Robor plus a margin starting from 6%, depending on the loan to value and the clients’ option to transfer their monthly income to the bank. The financed amount now goes as high as 75% of the mortgaged real estate value, said the bank in a press release.

“We saw greater interest for this type of loan from clients trying either to satisfy personal needs or to refinance other debt. Therefore, we decided to improve the Cash Loan with Mortgage, in line with our goal to become one of clients’ first options when deciding to contract a mortgage-backed loan”, Eliza Erhan, Head of Retail Product Development with Millennium Bank, stated.

Customers who contract a Cash Loan with Mortgage don’t need to justify the loan usage. The bank accepts as collateral real estate properties owned by a third party. Other benefits of the loan include free life insurance and zero administration fee.

Customers who contract a Cash Loan with Mortgage in order to refinance other loans also benefit from zero analysis fee until the end of June 2011. The tenor is 25 years and the maximum amount of the loan is 150,000 euros.