Piraeus Bank offers a new home equity loan with the market’s lowest payment through a new, flexible product.
For every 50,000 euro for 20-year loan, each installment will be 242 euro per month or 8 euro per day.
How the product works:
For a part of the loan, the borrower pays interest and principal, same as in traditional home equity loans.
For the rest of the loan, that may reach the half of the total amount, the borrower will pay only the interest amount.
When the loan matures, the borrower either pays the lump sum of the principal balance, or extends the loan for another decade, under the same terms.
The loan interest rate is floating and changes according to the monthly Euribor plus a margin.
A home equity loan ranges from 50,000 euros with duration of up to 25 years.
The loan is available by the bank within 20 days.
With these products, Piraeus Bank targets customers wishing to invest in real estate, families interested in low monthly payments or people purchasing real estate based on future income. (Retirement lump-sum, insurance programs claims).