You can borrow up to 80% of the purchase price of the property if it’s a primary residence, or up to 65% if it’s a secondary residence. That means you need to provide a downpayment of at least 20% or 35%, respectively. The money can come from existing cash assets or from your second- or third-pillar funds (these funds cannot be used to finance a secondary residence).
You can select a term of two to ten years for your mortgage loan. The loan contract can be renewed at the end of each term for the same or a different term, or you can switch to a different interest-rate agreement.
You can terminate your mortgage loan before the term is up, but you will have to pay an early repayment fee. The amount of the fee will take into account how much time is left in the contract and the difference between the interest rate on your mortgage and the market interest rate when you terminate it.
When you sign your loan contract, you can choose between the direct and indirect repayment methods. Payments are made quarterly.
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