One For All Consumer Mortgage

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One For All Consumer Mortgage

The basic purpose of the loan is refinancing of debts of clients from other domestic banks. The Bank is offering to its clients a package of products and services as follows:

Consumer unsecured Loan
Overdraft with limit of one salary and American Express Green Credit Card with limit of two salaries by default for employees (pay-roll clients) in budget institutions, public companies, joint stock companies and other private well known companies;
Active Web/ Mobile banking – free of charge
Visa Classic debit card – with the opening of the account
American Express Point debit card - with the opening of the account
Safe deposit box - free of charge for first year
Option for additional amount of 30% as cash loan.


Amount:	MKD 300,000 - MKD 3,000,000
Beneficiaries:	Individuals - citizens of RM Age 20-72 (no older than 72 by the time of the final installment of the loan)
Criteria:	The age of the applicant by the time of the final installment should be less than 72 years The loan applicant should be employed or to be pensioner The share of the total monthly debt in the total monthly income should be maximum 60% for employees in public institutions and 55% for other clients (in case of refinance, the debt factor is calculated without the monthly obligation for the credit debt which is refinanced)
Co-applicant/s - guarantor/s:	Only in case the criteria for monthly installment in relation to the salary or pension and/or age is not fulfilled.Maximum two co-applicants.
Loan tenor:	12 - 240 months
Payment:	One-shot in MKD
Re-payment:	Monthly installments
Prepayment:	0% penalty fee on prepaid principal if loan is prepaid with own assets 3% penalty fee on prepaid principal if loan is refinanced with bank loan
Interest rate:	Interest rate in MKD MKD 4,90% - Fixed interest rate for the first 3 years For the remaining period the interest rate is variable according to the Decision for interest rate of Silk Road Bank AD Skopje MKD 7,50% (NRKS+5.52%, min.7.5%) (RTE 6,85%)* - for payroll clients MKD 8,00% (NRKS+6.02%, min. 8%) (RTE 7,19%)* – for other clients The National Reference Interest Rate (NRKS) is used for loans in MKD as a reference interest rate, which is published on the website of the National Bank of the Republic of Macedonia under the name "interest rates on MKD deposits without FX clause". The interest rate adjustment will be carried out on a six-month basis on January 1 and July 1 each year based on the national reference interest rate, which is valid on June 25 and December 25. The referent interest rate currently valid is 1.12%. For loans in EUR / MKD, a 6 (six-month) EURIBOR is used as a reference interest rate. The interest rate adjustment will be carried out on a six-month basis on January 1 and July 1 each year in accordance with the rate of 6 (six-month) EURIBOR which is valid on the last day of the previous half-year (31.12 and 30.06 respectively).
Expenses:	0% administration fee, upon disbursement 800 MKD Application fee - for every received application, regardless if the loan will be approved 0 MKD Expenses for evaluator Notary expenses - non banking expenses
Grace period:	Up to 6 months (with interest payments) Premature liquidation can't be done during the grace period
Penalty Interest rate:	12,75%
Collateral:	1st rank mortgage (2nd and 3rd rank mortgages only if Silk Road Bank Bank AD Skopje is the sole mortgage trustee). Acceptable categories: residential buildings in urban habitats - flats, houses etc., residential buildings in rural habitats - vacation homes, land and business premises Mortgage value: 143% - 200% of the loan value, depending on the location and the condition of the real estate and in accordance with the submitted evaluation performed by authorized evaluator accepted by the Bank. The Bank keeps the right to accept or decline the property offered as collateral Draft and draft statement. Administrative ban, if accepted by all parties (company - Bank - applicant)
Insurance:	Insurance policy in favor of Silk Road Bank Ad Skopje The mortgaged property should be insured against basic risks (fire and flood) in an insurance company acceptable by the Bank for the duration of the loan. Cost and care for the insurance policy shall be on the account of the applicant. At least 30 days before the expiry date of the insurance policy the client must submit a new policy, otherwise the Bank insures the property and charges the client for the costs.
* The RTE is calculated for loan up to MKD 3.000,000 and 240 months loan tenor with fixed IR for the first 3 years and variable interest rate for the remaining period, as well as MKD 800 application fee and 0% fee for loan administration.