New banking product being offered to foreigners
Ceska Sporitelna, the largest bank in the Czech Republic based on number of clients and primary deposit levels, is offering a new product specifically designed to assist foreigners in buying property.
Traditionally, foreigners with no other ties to the Czech Republic wanting to purchase property did so by establishing a limited company for the sole purpose of buying real estate. In this way they circumvented the law prohibiting the purchase of property by non-Czechs.
Petr Klimsa, a senior relationship manager in the bank's commercial financing department, said Ceska Sporitelna unveiled the product now because it sees a growing number of foreigners looking for mortgages as interest rates dip to reasonable levels.
Two versions of the loan are being offered: "global living" for those who intend to reside in their propery, with a maturity of five to 20 years, and "global invest" for investors, with a maturity of five to 15 years.
Borrowers can finance up to 75 percent of the costs of purchasing, construction or renovation of their property. They can also use the loan to pay off another loan taken out previously for the same purposes.
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