In August, customers had to wait up to five weeks for a loan decision, although, according to the law, banks have 21 days to inform the customer whether they will grant him a loan. A few months after the launch of the “Safe 2% credit” program the situation looks much better now.
The Mortgage Loan Act states that “the lender, mortgage broker and agent are obliged to notify the consumer of the decision on granting a mortgage loan on the twenty-first day from the date of receipt of the application.” The literal wording of the regulations assumes that the credit decision must be issued exactly on the twenty-first day after submitting the application and it cannot be done earlier or even later.
Mortgage. How many days do you have to wait for a decision?
In July, an intensive lending campaign began due to the entry into force of the “2% Safe Credit” Act. The interest in subsidized loans was so great that the banks offering them were overwhelmed with applications for several weeks that they were unable to process on time. The worst situation was in August, when initial borrowers were informed that they might have to wait up to a month and a half for a decision. This put people in a difficult position who, if they did not pay the first tranche of the loan on time, could lose the down payment for the apartment.
A few months after the introduction of the subsidy program, the situation looks much better. money.pl contacted banks to determine how long the process of issuing a credit decision takes. Thus, Bank Millennium assured that due to the fact that the application processing process is largely automated, it currently takes an average of 3 business days. At mBank, the loan process from the moment of submitting a complete application takes from one to several days – it depends on the type of property, type of income, etc. Santander Bank Polska replied that in October the average time from submitting the application to making a loan decision is 12 calendar days, and Velo The bank shortens the time to 8 days.
Safe loan 2 percent Whoever was supposed to submit the application has already done so
The acceleration in banks is due to the fact that the greatest wave of interest in subsidized loans has already passed. In July, when the government program was launched, almost 24,300 people applied for a loan. households. In August, fewer of them applied, i.e. approx. 17.6 thousand. September brought some recovery, with over 21.8 thousand conclusions. We haven’t seen the October results yet, but in the middle of the month the Ministry of Development and Technology said there were almost 4.2 thousand. new applications. This suggests that their number may be even half as much as in September. This is regardless of the fact that initially only two banks participated in the program, in August there were nine of them, and now – 12.