Each banking company has its own criteria and requirements that you must meet. However, in most cases they are the same, or at least very similar. In most cases, you must meet the following six points in order to get a mortgage:

.

• Age,
• Income,
• Clean debtors list,
• Amount of debt (contracted loans),
• Availability of collateral,
• Residence in the Czech Republic,

Age is important.

Let\’s look at the first and last point:

The age at which you can get a mortgage is limited and the repayment period is based on that. The bank has to make sure you live to pay it off in full. This may sound harsh, but at the end of the day, it is a lot of money that the bank does not want to lose. Therefore, you must be between the ages of 18 and 65 . In exceptional cases, up to age 70. Of course, they cannot lend to minors, and if they are too old, they risk unemployment or death.

If you have Czech citizenship and permanent residenceyou need not worry about the last condition. Foreigners are a bit more complicated, but here is a rather special case.

What is your salary?

This is one of the first questions you will be asked. How much do you want to borrow, what do you want to borrow for, and what is your income? Obviously, you must be solvent enough. Companies look closely at this information and if you do not have the necessary income, you will not get a loan. Banks will not only ask for proof of your average monthly income , but also that you are not on a probationary period or on notice of termination. In addition, a full-time employment contract would be ideal.

Holiday loans are of little help

, as they are not always available.

[57] It is clear that you are not on the debtors\’ list. However, it is also ideal if there are no other loans currently being repaid. If you have any, please pay them all off or cancel them before taking out a mortgage. Doing so will increase your credit rating and give the bank one less reason not to trust you. Don\’t forget your unused overdrafts and credit cards. These should also be cancelled in advance.