Can You Sell an Apartment with a Family Housing Loan?
Basic Rules for Selling an Apartment with a FHL
Selling an apartment with a Family Housing Loan (FHL) is possible, but requires adherence to certain rules. A key element is obtaining a promise from the bank, which allows for the removal of the mortgage from the land and mortgage register. This is a formality that you must complete before the transaction to ensure it proceeds without complications.
It is worth remembering that selling the apartment does not result in losing the guarantee from the National Housing Bank (BGK). You will not have to return the amount that increased your own contribution, nor pay additional fees, penalties, or commissions. However, there is a risk of losing part of the subsidies if the sale occurs before five years have passed since receiving the funds for the family repayment.
What is a Family Housing Loan?
A Family Housing Loan is a government program that allows obtaining a mortgage without a down payment or with a minimal down payment. This program is aimed at individuals with high creditworthiness who do not have sufficient funds for a down payment. Borrowers can be married couples, childless couples, or singles.
The program offers additional support in the form of family repayment. These are subsidies for borrowers whose family has expanded by at least one child during the loan repayment period. For many people, this is a beneficial opportunity to realize the dream of owning an apartment without long-term saving for a down payment.
Conditions and Limits of the Family Housing Loan
To benefit from the FHL, you must meet certain conditions. You cannot own another apartment or house unless you have at least two children. Additionally, in the last five years, you cannot have gifted property to individuals from the I or II tax group, nor taken out another mortgage in the last 36 months.
- The price of the apartment cannot exceed the statutory limit.
- You must demonstrate appropriate creditworthiness.
- It is necessary to provide a declaration and documents confirming the fulfillment of the program's conditions.
Price limits change quarterly, so it is worth checking the current data on the BGK website before making a decision to purchase an apartment.
Procedure for Selling an Apartment with FHL
Selling an apartment with FHL requires several formal steps. The first is obtaining a promise from the bank, which is necessary for the removal of the mortgage. Next, you should contact a notary who will assist in preparing the notarial deed of sale.
It is important to inform the potential buyer about the conditions associated with purchasing an apartment with FHL, including any restrictions related to subsidies from BGK.
Tip: Always consult with a credit advisor or lawyer to ensure that all formalities are handled correctly.
Benefits and Risks Associated with FHL
The Family Housing Loan offers a number of benefits, including the ability to purchase an apartment without a significant down payment. This is particularly attractive for young families planning to expand their family and wanting to take advantage of BGK subsidies.
However, it also comes with certain risks. Selling the apartment before five years may result in losing part of the subsidies, which can be financially disadvantageous. Therefore, it is important to carefully consider all pros and cons before making a decision to sell.
Tip: Consider the possibility of keeping the property for the required period to avoid losing BGK subsidies.
Summary
- Selling an apartment with a Family Housing Loan is possible but requires meeting specific formalities.
- Maintaining the property for five years allows you to avoid losing BGK subsidies.
- FHL offers benefits such as not needing a high down payment.
- Always consult with a credit advisor before making a decision to sell.
- Check current price limits before purchasing a property with FHL.