Author: admin

Finding Debt Relief Services – Loan Consolidation

by admin

Charges was behind two months when he quit Steve's office and had $ 30. That time, Bill eventually decided that something had to change. Maintain his residence, put some savings funds in, and he wanted to move everyone back. His mortgage was his biggest, and most favorite, debt since he liked his residence.


You should make sure you just need a homeloan from the respected establishment

money debt

They should be financially listed in each departments that are applicable if they are not a bank. If you don't want to get presented a home loan that has an outrageous interest rate by means of a counterfeiting firm. A little bit of investing some time to shop around and look in-all the options available to you. The Internet could be for looking for a home loan business that is a great reliable resource. You are able to study up to what they have to offer, what you will need to qualify for, and some of these sites might even have a homeloan calculator, to help you work-out just how much you pay on a monthly basis on the amount of money you are looking for. Much like something of this size, preserve your open choices and ensure whenever we can that you have signed up for extensive research.


Almost every home owner at least starts out with a secured loan called a mortgage

money debt

As said, creditors are developing cards to help people with credit who are less than getting their big credit to be able. These cards that are connected have become a fantastic choice for anyone trying to rebuild their credit. The first thing that happens with a loan to care for your obligations is your credit could drop just a little bit. This can be temporary and can move.

It doesn't matter to you, anyway, because you won't be using credit to get one year after signing up for a debt consolidation loan. When you start paying, your bills in new and aged debts that will truly become an advantage. Plus you'll be settling debts that can be hanging over your mind so that you don't have to be worried about the impact that is in your credit RightNow.


It is the pace of choosing the loan that affects the most attention and total price when it comes to low cost loans

money debt

The interest price is normally higher for tenants, because they borrow money without pledging something for collateral. They must use cash under an unsecured mortgage which will have an interest rate that is larger. However, tenants will have some loan offers that are granted at a relatively low interest rate for people, which are already an excellent or good credit file.


The fact that you filed for bankruptcy will prove that you are not credit worthy and will undoubtedly be on your credit for 7 to 10 years. Many lenders are not fully paid for loans that have been settled through bankruptcy and so they are really credit conscious to anyone who has a bankruptcy on their credit report. In addition, most programs for any form of credit are no doubt asking that within their selection and for those who have previously filed for bankruptcy.


Shop around among lenders that are different

money debt

Refinancing can be achieved by your past lender and by another lender too. If you want to change the financial institution where you want to takeout a refinance mortgage loan, you have to look around extensively in order to make sure that you get the most aggressive pace on the market.

The lenders are currently waiting to offer the loans of the organizations and therefore you need to make sure that you are selecting a loan that has the right interest rate which will help you keep your dollars on the home loan.  Meaning, how was it when China continues to be therefore dependent on exports to your weak global economy China ever set to lead the world in healing,? Just how can business that is Asian really be buying with using falling energy, as opposed to growing?

Advantage of building savings

by admin

The main advantage of building savings is state support of up to 3,000 a year, which is credited to it during the period of saving. Other advantages include the constant interest rate for the entire duration of the building savings loan and the fact that it is not necessary to guarantee real estate for a loan or bridging loan up to a certain amount (usually CZK 300,000).

Mortgages, in contrast to building savings, have lower interest rates (especially for shorter fixations) and greater variability, where the client can choose the parameters of the mortgage to suit their needs. It can choose the period of interest rate fixation, the repayment period, the repayment method (progressive, degressive) and mortgages combining the purpose and non-purpose mortgages in one product and the like can also be used. The offer of mortgage loans is also considerably wider in our market than in building savings loans.

Building savings as your own resources to complement your mortgage

mortgage

Most mortgage banks now offer up to 100% of the value of the mortgaged property, but the most common and at the same time the most advantageous in terms of interest rate is the mortgage provided at 70% of the value of the property. In addition, even if the bank lends you only 70%, you will usually want to show you how you will finance the rest of the property. So the question is where to take the remaining 30%.

Building savings is the ideal solution for this situation

Building savings is the ideal solution for this situation

To supplement the mortgage, it is possible to use both the saved amount and the regular building savings loan as well as the bridging loan. In the case of a proper loan, this combination is practically ideal, also due to the low-interest rate of a regular building savings loan.

However, situations, where the building savings client has not concluded at all and therefore do not meet the conditions for providing a proper loan, are much more frequent. Then he can use the bridging loan. However, it must be borne in mind that the client will initially face a relatively high financial burden.

In addition to repaying a mortgage and bridging loan, he is still building a building savings account to meet the conditions for a proper loan, which is substantially cheaper than a bridging loan. However, this can be eliminated by choosing a progressive method of repayment of the mortgage, where at the beginning of the repayment of the mortgage pay lower installments and gradually installments rise. The advantage of this combination is the use of state support from building savings, which is also credited during the repayment period of the bridging loan.

Building savings as a mortgage payment

mortgage

The second way to combine both products is to use building savings as an extraordinary mortgage payment. As a combined product, some mortgage banks even offer this particular combination. In the case of this combination, the client only pays the interest on the mortgage to the bank and saves the amount attributable to the loan to building savings.

On building savings, the client uses state support and saves funds for extra repayment of part of the mortgage. Once the client has reached the conditions for a proper loan, the mortgage is partially repaid. Then the mortgage is already repaid in the usual annuity. In addition to the mortgage, the client also repays the building savings loan at the time, but thanks to the lowering of the mortgage principal, the monthly payment from it will also decrease.

Procedure for granting the loan after approval

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Read what is the process of equipping an internet loan after approval and approval of all loan parameters in Credit Adviser Euro.

You have registered with Credit Adviser Euro as to apply for a loan. You have selected the loan amount, the repayment period, and you have provided complete documents. Your loan request has been reviewed and approved based on the documents you submitted.

 

 

Loan Parameter Reconciliation

Loan Parameter Reconciliation

In the near future, you will be contacted by the approval department by phone to agree on loan parameters with you. They will confirm your personal information, bank details and loan amount with you. If the approval department agrees with a lower loan amount than you requested, it will agree with you and recalculate the installment according to the required repayment period.

 

Framework contract

Framework contract

When you agree to all loan parameters, we will generate a Framework Agreement. We will send you a framework agreement by mail to your correspondence address, in your own hands. The term of the contract is 4 days, the contract has to be picked up by this date. The Master Agreement contains the code you enter after you sign in to “My Zone”. Your request is then in step 2, paste the code into the highlighted rectangle, and click ‘Verify Code’ to confirm. After entering the code, your request will display the “View and Sign” text and you will see a Binding Loan Request.

 

Confirm Binding Loan Application

You confirm the binding loan request with the “Sign” button. You will then receive an SMS with a code. Enter the SMS code in the binding request and click “Confirm Code”. You have 14 days to enter a code from the Framework Agreement and sign a binding loan application. After that date, the request will be canceled or revised.

 

By entering the code from the Framework Agreement, you agree to the loan amount, repayment period, monthly payment and interest rate. When the code is confirmed, “Done!” Now your request is closed and our company sends you money to your account.

How to protect yourself from raising interest rates on mortgages

by admin

Interest rates on mortgage loans have reached historic lows this year, and many people have used this option. Some have taken a new mortgage for housing, others have just refinanced the old one and exchanged more expensive loans for cheaper.

They used low rates and saved hundreds of thousands of euros. It is hard to find the negative. It is quite simple. Lower interest = lower repayment = lower overpayment.

However, the state of record low-interest rates may not last forever and therefore need to be for the future. What can be expected in the event of interest rate is read in my next article.

Why are interest rates so low?

money

In particular, the policy of the European Central Bank is loosening behind this extra-low rate, which, by cutting interest rates to a minimum, seeks to stimulate economic growth in the European Union. This also affected Slovakia, where interest rates fell significantly. As you can see in the picture below, they were even more advantageous than in Austria and only 0.01% behind Germany.

New cards in the game, however, also distributed the law on housing loans of 21 March this year. This caused the prepayment to be at a maximum of 1% as opposed to the original 5%.

The aforementioned factors supported the impact of the competitive environment and the banks started to overtake in their mortgage campaigns to maintain or increase their market share.

However, banks have begun to cut income as a result of low-interest rates, which may have a greater impact on bank clients, ie all of us. Where a person gets, the bank must lose and vice versa. It is logical and this is the case here.

How can banks compensate for losses?

The current situation of cheap mortgage loans for housing may lead to increases in the future. Banks are likely to offset their decline in profits. Despite increased competition in the banking market, they will, therefore, be forced to include losses primarily in interest rates and other service charges.

The danger of low-interest rates

cash

Low-interest rate means cheap credit and it means cheaper housing. It is very positive that people now have the opportunity to borrow for their housing at such low-interest rates. Without much money.

But what happens if interest rates increase? How will their payment change?

For better imagination, I give an example of what may happen in the future in raising interest rates.

Loan Amount: € 70,000
Loan Maturity: 30 years
Interest rate: 1.5% for 3 years fixation
Monthly installment amount: € 241.58

Mortgage loan balance after three years repayment – € 64,329.89 for fixation anniversary.

As you can see in the table, despite the fact that the loan balance is almost € 6,000 lower, the increased interest rate with a shorter maturity of three years may mean an increase in installments of 20 to 50 percent.

The saving of funds, which is due to the low-interest rate, must therefore be seen as a space for creating reserves, medium- and long-term investments.

You can later use the money saved for a one-time deposit that will reduce your future repayment, or you can save on the early repayment of your entire mortgage.

Of course, no one can force you to postpone money and take the time to pay more due to lower repayments. However, my aim is to point out that this situation may not last forever and it is good to be prepared for every situation.

How to protect yourself from rising interest rates?

How to protect yourself from rising interest rates?

Unfortunately, nobody just avoids raising interest rates. But what you can do is prepare yourself and delay the difference between higher and lower installments. You can store more than the difference or less. It’s up to you

However, it is important to start postponing at least something. This will create a reserve that you can use to raise interest rates in the future. Own savings can be good protection.

Of course, you can not expect such an appreciation today on your current account today. To earn more, you need to reach for other products. Of course, putting your money on your current account is better than spending it all, you have it quickly and whenever you need it. On the current account, however, they lose money in value. To maintain the value of your money, it is important to earn at least inflation. However, it is best if you significantly outperform inflation.

How to pay off your personal payday loan? 3 Strategies to get rid of faster!

by admin

Asked for a personal payday loan and do not know how to organize to repay it? Calmly, we’ve brought you this article with 3 super useful tips that will help you repay your loan faster and get rid of debt! Check out.

Pay the payday loan every two weeks

loan

Instead of repaying your loan each month, you’d rather pay half the installment every two weeks. But why?

– Reduction of accrued interest since payments will be more frequent;

– You will be paying an extra portion of your loan each year, because the year has 52 weeks, equivalent to 26 payments every two weeks, ie you will be paying 13 installments and not just 12;

– By doing this you shorten the term to repay your loan.

Round the number of parcels

Round the number of parcels

If your installment is R $ 375,30 try to pay R $ 400,00, so you will be paying an extra R $ 24.70 every two weeks, or every month, avoiding the loss of funds. This amount will result in an additional $ 296.40 after one year.

Who knows, you too could not exceed the installment and add $ 50 or $ 100 a month, this will make the loan term shorter and save money on interest.

Get extra income

income

You can use the money from your 13th salary to help repay the loan faster.

Or, for example, you can divide your share of R $ 375.30 by 12 and add the result (31.27) to each payment, that is, you will pay R $ 406.57, resulting in an extra payment each year.

In short, there are several advantages of repaying your loan early, so choose a strategy and put it into practice.

Want to apply for a personal payday loan online safely, quickly and without red tape? You’re in the right place! We Financial Group Guarantee it for you, borrow your loan right now and get out of the grip. Financial Group, You far from red.

What to do with Opening or Granting of Credit Denied?

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Taking credit, or borrowing is a very important decision to make, especially since it involves in many cases the attainment of a desired dream, the purchase of a property, a property, a vehicle. In addition to being in many cases the only alternative for financial contingencies, where we need a financial “breath” to get a punctual situation and put the financial planning back on track.

Approved by the financial institution

Approved by the financial institution

Often in these moments of need for credit we are faced with the situation of Openness or Concession of credit denied, which basically means that the requested credit operation was not approved by the financial institution. This may sound like bad news to the first point, but it is important not to despair, denial of credit is a great opportunity to reevaluate some points of the loan you want.

First Step – Understanding Reason for Refusal

First Step - Understanding Reason for Refusal

Often the negative credit is caused by lack of documentation or by discrepancies in the information provided in the registration with the documentation presented as proof, verify that all your data was duly filled in the proposal, verify your home address and the proof provided, your documents are valid and legible.

Proof of Income, this factor is very important in the approval of the credit, if you are a worker of a private institution, verify that you have sent the money correctly and your declared income in the register is in accordance with the amount received. Always return the latest documentation, if you have received a holiday, or commissions, in the last installments, delivered to the credit analyst, longer deadlines, so you can check your average receipts.

Self-employed workers and small business owners have greater difficulties at this stage, mainly due to the absence of documentation for proof of income, the best solution in these cases is the issuance of a decore by the accountant of the legal entity, with the joint delivery of personal income tax return physical and financial account statements can also help in this case.

Second Step – Finding Alternatives

Second Step - Finding Alternatives

If your refusal was not related to documentation, but rather by restriction related to other debts, or insufficient income, this is a sign that perhaps your planned loan is in fact not the best path in the way you are intending and needs to be done some adjustments.

Financial Restriction

Financial Restriction

In cases related to financial constraints, the best way is to look for alternatives in secured credit lines, that is, payroll loans, loans with a financial investment guarantee, property or vehicle, can be good alternatives, since they usually have real guarantees and are well accepted by financial institutions even for people with debt.

Renegotiating debts is also a good alternative, by renegotiating debts that are already in credit rating agencies, you show intent to resolve the situation and can improve your analysis for institutions in new operations.

Income Insufficient

Income Insufficient

In case of insufficient income, evaluate the total amount of the loan you are applying for, try to extend the term, so that the parcels are more appropriate for your income, and try to find alternative credit lines with better guarantees , which facilitate the approval of the credit.

In all cases, do not ever rely on just one credit institution, go to other institutions and always remember to use credit operations with awareness.

Not all debit cards are the same: How to choose the one that will be beneficial to you personally

by admin

The main purpose of a debit bank card is clear to everyone. It was invented so that plastic owners could make non-cash payments. To increase the popularity of such products among the population, banks began to return to their owners a part of the amounts spent, to accrue bonus points and a percentage of the balance.

Leading banks in the country issue various debit cards that can meet the needs of certain categories of customers. Universal Bank clients will be able to choose a convenient plastic for themselves, depending on their habits, lifestyle and hobbies. Among the privileges provided by the bank, there are those that will be of interest to you personally. In this article we will present special offers of the bank for:

  • receiving passive income;
  • tourist trips abroad;
  • traveling by railways;
  • car lovers and delicious food;
  • young people with low incomes;

Universal Card: plastic for additional passive income

Universal Card: plastic for additional passive income

This product is addressed to those who want to “do nothing and at the same time make a profit.” The slogan of plastic: “The card works itself.” The holder of this card is simply calculated for her purchases. And the bank, in gratitude, charges cashback and interest on the account balance.

True, the classic Universal Card of the initial level is the most common card for making cashless payments, which does not provide the holder with any additional benefits. The benefit of its design is that it is absolutely free . The bank does not charge a fee for issuing or for servicing this card.

 

Free will and all payments made through the Internet bank “Universal-click” application and “Universal-Mobile”, including payment of utility bills. Recall that, for example, when paying for a communal flat through Sberbank-Online, the bank’s commission amounts to 1% of the payment. Provided that the utility payments of the Russians are about 5,000 rubles per month, then the savings from using the Universal Classic card are approximately 600 rubles per year.

The owner of this card will have to pay only if it:

  • wish to use sms-informing (59 rubles per month);
  • will withdraw cash from ATMs that are not owned by Universal Bank and partner organizations.

The Second product, “ Universal Gold Card ” (card with benefits), is plastic with conditionally free maintenance . The monthly subscription fee will not be charged if the cardholder purchases more than 10,000 rubles (or if the average monthly balance on his card account exceeds 30,000 rubles). If you buy food per family in supermarkets for a month and pay for them with plastic, then the first condition can be met without much difficulty. If standards are not met, the cost of monthly maintenance is 100 rubles.

What are the benefits of owning an Universal Gold Card? When spending on the same 10,000 rubles a month, all payments are charged with a cashback of 1.5%. If we draw a parallel with products, then a cashback of 1.5% for purchases in supermarkets is possible only when the maximum level of privileges is reached. To do this, 3 months in a row to perform on 6 different tasks. And the size of the standard cashback at Sberbank is 0.5%. And it is credited with points that can be spent only in partner stores.

Universal Bank’s cashback allows you to pay for any purchase if its value is less than the cashback size. Points are awarded until the 15th of the Second month. And if the user of Universal-Card Gold makes purchases in excess of 70,000 rubles per month, then the cashback value will be increased to 2%.

The second benefit of using the Golden Universal Card is the accrual of interest on the balance . For average buyers who spend on plastic a little more than 10,000 rubles per month, the reward will be symbolic (1%). But it is all the same the additional income, but not additional expenses. If the amount of purchases exceeds 70 000 rubles per month, the percentage of remuneration increases six times. It becomes equal to the standard percentage of the bank deposit.

The privileged product, Universal Card Premium , is an integral part of the package of services for customers with a higher level of income, Universal Premium.

The percentage of cashback and charges on the account balance on this card is the same as on the “golden plastic”. An additional benefit of the product is that the remuneration on the special savings deposit “Universal-Account” increases to 8%.

But the main thing is that the owners of Universal-Card Premium get access to the bank’s privileged services :

  • travel to the airport in a comfortable car;
  • travel insurance;
  • passage to the halls of airports of business class;
  • concierge service.

You can read more about the benefits of Universal Bank’s premium package of services here.

The package of privileged services presupposes the presence of several Universal-Kart Premium. Service of the first card for the owner is completely free . The cost of servicing all subsequent cards is 5,000 rubles each.

Universal Travel is a special plastic for travel lovers.

Universal Travel is a special plastic for travel lovers.

For owners of Universal Travel, plastic cash is not credited on miles, but on cash . These miles can be used to purchase tickets for any airline (1 mile = 1 ruble). The amount of remuneration will be higher: 2% when spending from 10 to 70 thousand rubles, 3% – when spending a large amount. If a tourist makes purchases on the travel.The amount of accrued remuneration can reach 9% . Miles received by the customer do not burn. When opening a card, 1,000 miles is credited to the account as a gift.

 

In addition, the bank has prepared for tourists – Universal Travel users additional special services (free or at a discount):

  • cash withdrawals at foreign ATMs;
  • insurance (including for lovers of extreme rest and strong drinks);
  • unlimited internet in the roaming zone;
  • luggage packing;
  • access to entertainment service Amediateka;
  • order a taxi business class;
  • access to airport lounges with increased comfort;
  • compensation for canceled or delayed flights;
  • Car rent;
  • personal assistant, able to arrange a meeting, purchase tickets, plan an excursion, book a tennis court or place in a restaurant.

In addition, a percentage of interest is added to the rest of the card account for travel lovers. Tariffs are similar to Universal Card Gold (they are standard for the bank).

Card service is conditionally free . The fee is not charged when making purchases in excess of 10 000 rubles per month. If you do not meet the requirements for service, you will need to pay 100 rubles a month.

Universal Travel also has a premium version of Universal Travel Premium . It is distinguished by more favorable conditions for accruing miles and a large amount of insurance premium. The first Universal Travel card in the premium package is free. The cost of servicing the rest is 5,000 rubles each.

“Cash Back” – plastic for car enthusiasts and restaurant regulars

"Cash Back" - plastic for car enthusiasts and restaurant regulars

Universal Bank “ Cash Back ” card holders have the opportunity to receive an increased cashback at gas stations, lunches in restaurants and other catering establishments. The average user who spends 10 to 70 thousand rubles a month on a card returns 5% when buying gasoline, 2.5% after paying bills at a cafe, and 0.5% in all other categories. For those who have spent an even larger amount during the month, the bank doubles the cashback for the Second period.

 

The maximum amount of money returned for cardholders can not exceed 15 thousand rubles per month (5 thousand rubles for one category). Exceptions are customers whose monthly expenses exceed 100 thousand rubles. For them, the threshold of restrictions rises to 21 thousand and 7 thousand rubles, respectively. The bank is ready to return up to 252 thousand rubles a year to this category of consumers.

The terms of interest on the balance of the account and free maintenance of this plastic are standard. They were described above.

For those who fly “Country” airplanes

For those who fly “Country” airplanes

What privileges do Country plastic holders get? For each 60 rubles (or 1 euro, 1 dollar) spent from the card , its owner is charged up to 1.5 miles (depending on the amount of spending). 1,000 gift miles will be credited to the account immediately after the first transaction.

 

The client can spend the received miles on the purchase of Country airline tickets and air carriers that are members of the group, as well as on improving the service class. Can be used when booking hotels, car rentals in companies – partners of the project. With a monthly spending on the card within 50 thousand rubles, the user can save up for a free ticket for the flight for 1 year.

In addition, the cardholders are provided with premium bank services . They are provided with:

  • more favorable conditions when making money on deposits and operations with foreign currency;
  • personal service in the bank offices.

The conditions for free maintenance of Country plastic are the same as for other types of cards.

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THE GREAT COMPARISON: 4 vs. 10-year-old homeowner with credit

by admin

For years, the profession has been arguing that, for loans that are strategically linked to the loan, prepayment every 4 years is more profitable, or we can fund a 10-year housing contract in the hope that we can build the most stable construction possible (housing savings beside the loan)? The issue was absolutely justified in 2018, as the possibility of reducing state support for housing savings contracts is becoming more realistic nowadays, and the debate on changing interest rate versus long-term fixed interest rates is becoming increasingly acute. In this article, we are looking for an answer – guided by a model example – in which direction you should go and what risks you have to take in return!

The future of housing savings

The future of housing savings

Before we begin with the essence of the article (n), it is worth looking at the current and future situation of housing savings in Hungary. In short, the proportion of state aid in these contracts (30%) is by far the highest in Hungary than in the case of our regional neighbors. For example, the Austrians receive 1.5% state aid, but almost all (then 60% market coverage, but just over 15%) have this type of contract. We wouldn’t be surprised if they simply changed the terms of the housing savings.

Most likely modification suggestion:

  • Support would be 20% instead of 30%, which would still be the highest in the region
  • instead of 20,000 forints per month, you should set aside $ 30,000 for a maximum of $ 72,000

Take a floating rate loan or fix?

Take a floating rate loan or fix?

There are two important reasons why we cannot be smarter than the bank at variable interest rates:

  1. By the time we get to change the interest period in the loan agreement, the bank raised the interest by then. In addition, you get a free hand for a market loan. As a solution, we can consider a type of credit redemption (but it has hundreds of thousands of costs) with qualified consumer credit. But it should not be forgotten that in this case we can fix a higher priced interest.
  2. If interest rates rise, it always means a reduction in lending. If lending is reduced, less property is bought. As a result, we can witness a significant drop in prices or we may not find a buyer for months because our demand for solvency is becoming narrower.

 

 

A specific calculation

Based on the static example, the interest rate on the floating rate loan will remain in the next 4 years (2.23%). I then examined how the repayment of the floating rate loan and the total repayment are relative to the 10-year fixed rate qualified consumer friendly loan, if in the worst case the interest rate would be 8% in the last 6 years in case of variable interest (5%) rise in interest rates).

We can see that a 5% interest rate change from the fifth year would result in a 41% increase in our original repayment installment (variable interest rate), whereas this increase would be 10.2% compared to the initially higher fixed rate repayment. The equilibrium state, when we pay exactly the same amount, is 7.55% interest rate after 4 years for our floating rate loan.

In this example, our ultimate conclusion is that we can imagine a situation where, over the next 10 years, our variable interest rate will be higher than 7.55%?

 

Every 4 years or every 10 years, do we need to clean up our house loan?

Every 4 years or every 10 years, do we need to clean up our house loan?

Prepayment is always free of charge for a homeowner, as we assume you choose a Qualified Consumer Friendly Home loan

 

 

In the example, we expect a 4% interest rate, but it is very important to note that the interest rate of a ten-year fixed home loan (good real estate, high income) is 4.25% and the average is 4.6%, but 5 Interest rates of around 2.4% are now available. And if we give our head to changing interest rates, we can achieve interest rates of around 2.1% under similar conditions. In this case, however, there is a strong chance that the MNB will raise the central bank base rate in the coming years (they will warn 3% increase within 10 years) and drastically fluctuate our floating interest rate, even over 5%.

A 1% interest rate change for a HUF 15,000,000 loan (4% interest rate, 30-year maturity) means a monthly repayment increase of HUF 8,500. This means HUF 102,000 in one year and HUF 10m in 10 years.

In the case of a 2% interest rate change, the same loan will increase with a monthly repayment amount of HUF 17,000; in 10 years the difference would be HUF 2M.

We have to think very much about choosing a floating interest rate or a fixed rate loan!

 

1. Model (4-year LTP)

  1. Step

360 Snow – (Current Capital Debt): $ 15,000,000

To be paid to the Bank: HUF 71,612 / Snow (50 months)

4 LTP: 80.600 HUF (48 months) (4x 20,000 HUF deposit + 4 × 150 HUF administration fee)

Account opening fee for 4 LTPs: 4x 28,000 = HUF 112,000

Total: 152.212 (71 612 + 80 600) x 48 + 71.612 x 2 = $ 7,449,400

Note: Housing deposit allocation is 2 months, so two months after the 48th month, we still have to pay the normal installment to the bank before we prepay free of charge.

Current Capital Debt: 13.826.238 – (1.250.496 Ft x 4) = $ 8,824

New installment to the bank: 45 705 HUF / month

 

  1. Step

360 – 50 = 310 Snow – (current capital debt): $ 8,824.254

To be paid to the Bank: HUF 45,705 / Snow (50 months)

5 LTP (4x20e + 5e): $ 105.900 (48 months)

Account opening fee for 5 LTPs: 5x 28,000 + 7,000 = 147,000 HUF

Note: The complete construction may fail if, after 4 years, we do not have 5 “free tax numbers” for which we can make new home savings!

Total: 151.605 x 48 + 45.705 x 2 = $ 7.368.450

Current Capital Change: 7.939.513 – (1.250.496 Ft x 5 + 312.638) = 1.374.395 Ft

 

  1. Step

310 – 50 = 260 Snow – (current principal debt): 1.374.395 Ft

To be paid to Bank: HUF 7,912 / Snow (50 months)

1 pcs LTP: 20.150 Ft (48 months)

Account opening fee of 1 LTP: HUF 28,000

Total: 28.062 x 48 + 7.912 x 2 = $ 1,362,800

Capital Debt: 1.193.513 – (1.250.496 Ft) = -56.983 Ft

 

What’s This Total:

7 449 400 + 7 368 450 + 1 362 800 = 16 180 650 Ft – 56 983 (LTP overpayment) = HUF 16 123

+ account opening costs for LTP

16 123 667 + 287 000 = 16 410 667 forints

 

Model 2 (with 10-year LTP)

  1. Step

360 Snow – (Current Capital Debt): $ 15,000,000

To be paid to Bank: HUF 71,612 / Snow (up to 122 months)

4 LTPs: 75.600 Ft (for 120 months) (3x 20,000 + 1x 15,000 + 4×150 fort administrative fees)

4 pcs LTP account opening fee: 75,000 HUF (in action, otherwise 3x 76,000 HUF + 1x 57,000 HUF = 285,000, – instead)

Total: 147.212 x 120 + 71.612 x 2 = $ 17.655.440

Capital Debt: 11,753,046 – (3.135.630 Ft x 3 + $ 1,351,762) = -5,606 Ft

 

What’s This Total:

HUF 17,655.440 – HUF 5,606 (remaining amount after prepayment) = HUF 17,649,834

+ Costs:

  • Opening fees: $ 75,000

Total: 17.649.834 Ft + 75.000 Ft = 17.724.834 Ft

Deduct credit – interest on tax claim

by admin

The Germans like to borrow: From the smartphone on your own property to start-up everything is conveniently financed in installments. The enormous range of different forms of loan raises the question of the extent to which it is possible to sell a loan. Under certain conditions, the legislature allows to claim credit costs from the tax office. This applies above all to job-related investments, but also to expenses for the training and acquisition of real estate. But under what circumstances is it permissible to sell the loan? The Lending Guide gives tax tips.

Which costs can be deducted in which amount?

Which costs can be deducted in which amount?

Repayment and interest

Repayment and interest

Amortization does not constitute an income and is not taxed on lending. Therefore, the repayment can not be claimed as an expense . When it comes to being able to withdraw a loan, interest as a cost of money acquisition is only accepted under certain conditions by the Treasury. This is the case, for example, when the loan is used to earn permanent income . This means that a loan can be withdrawn if it serves to increase operating expenses or advertising costs.

Once a borrowed loan meets the criteria of an investment or working loan, it is possible to deduct the loan. The interest is taken into account in the tax return in order to reduce profits.

Business investments

There are several situations that require credit for a business. Especially in the start-up phase runs almost nothing without a loan. So-called working capital or investment loans are taken out to cover running costs in a company. Not only the interest rates are variable, but also the term. Once a borrowed loan meets the criteria of an investment or working loan, it is possible to deduct the loan. The interest is taken into account in the tax return in order to reduce profits . If a start-up buys a laptop or a smartphone on credit, the interest can be claimed for tax purposes . For this purpose, the loan agreement is to be set up so that the clerk at the tax office knows why the money was taken up. It is advisable to have the repayment amounts and the interest shown separately .

Car Loans

Car Loans

Many workers use their cars for their commute. Others want to avoid crowded trains and are considering taking out a car loan. The credit for a car can not be sold here. Because for employees, the tax office evaluates the work path as private . The situation is different for freelancers and self-employed people who work in the field. In this case, it is possible to claim the credit for tax purposes. In addition, the tax authorities allow the partial taxation of motor vehicle costs.

Second home

Second home

Many occupations require local flexibility from the employee. This may involve pursuing an activity far away from the actual center of life. If the distance is so great that it is no longer reasonable to drive home, most of them set up a second home. Furnishings and renovation of this domicile cost money. An employee may claim tax on this loan . It has to be considered that a secondary residence tax is due.

Loans for real estate and modernization

Who rents his property or uses his own company, can deduct the loan, or the loan interest. However, the loan must be explicitly taken out for the financing or modernization of this property . These interest flows into the operating costs or advertising costs and increase them accordingly. Here again a difference between the two cost points is to be considered. Business expenses are expenses that are caused by a business. Incentive expenses are expenses that an entrepreneur uses to secure, maintain and develop his or her acquisition. The loan can only be taken into account for tax purposes if, for example, new windows have to be installed in this property. This increases the value, which guarantees long-term rental income. The situation is somewhat different if the taxpayer lives in his own property and only leases parts of it. In this case, the loan can only be deducted pro rata . This also applies to a study located in a condominium. Interest that must be paid to finance, modernize or purchase the property will be credited according to use . If a study in a 100 square meter house has an area of ​​20 square meters, 20 percent of the credit costs can be claimed for tax purposes.

Office equipment

Office equipment

If an office equipment purchased, there is no reduction, because desk and office chair have the value that was paid for them. Over time, wear of these assets, which is associated with an impairment. This asset reduction can be tax deducted and deducted as business expenses or expenses . Depreciation takes into account the useful lives of the respective acquisition , irrespective of whether it was paid in full or with a loan. Every year, a portion of the purchase price can be claimed for tax purposes. If a purchase for the office has a useful life of five years, the costs can be deducted pro rata over these five years from the tax. If the investment is for two or seven years, this timeframe applies. If the total purchase price was less than 800 euros, the total amount can be stated once completely in the tax return. In order to find out which useful life a particular asset has, there are so-called depreciation tables. Afa stands for “deduction for wear” . These tables are not legally binding, but give a guide and are recognized by official bodies. The Federal Ministry of Finance provides the current depreciation tables

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