Slovak Mortgage Loan Calculator

Use our mortgage calculator to estimate mortgage repayment, from monthly installments to your annual repayment schedule. Simply fill in amounts for home value, down payment, loan terms and interest rate to calculate your mortgage. The calculator will tell you total payment, monthly installments, and the total amount in interest you will pay.

Lucy wants to buy an apartment which costs EUR 100 000. In savings, she has EUR 20 000, and she will take out a home loan for the rest. The amount of the loan will be EUR 80 000, at an interest rate of 4%. Her mortgage terms stipulate repayment within 20 years. Now, Lucy wants to calculate if she can afford this, and how much she would pay monthly on her mortgage. To do this, she can compare her current rental payments with the monthly mortgage installment sum. Let’s say her current rent is EUR 550 per month.

• Her total loan is EUR 80 000.

• The interest fee is 4%.

• Her repayment period is 20 years.

• She must make 12 payments per year.

• Her monthly mortgage repayment will be EUR 484.66 per month, less than her current price of renting.

In Slovakia, the minimum age to apply for a mortgage is 18 years old. For those in retirement age, getting a mortgage is often only possible if stipulating repayment by a certain age. Say for example a home loan applicant is 60 years old. In order to get home loan approval, the applicant will need to stipulate repayment by 67 to 70 years of age. This is the average maximum age home loan providers expect repayment of mortgages.

In general, foreign citizens can apply for a mortgage in Slovakia with a valid residence permit. For EU nationals, temporary residency status is often enough. Third-country nationals, however, will require permanent residency to apply for a mortgage. Also note that banks and home loan providers can have their own residency requirements. For example: many banks will accept applications from foreigners with permanent residency. Only some accept applicants with temporary or long-term residency.

Banks evaluate applicants on employment status, income, and capacity to meet down payment. The home loan provider will then take into account the total mortgage amount, maturity, and interest rates. When assessing financial standing, home loan providers commonly recognize the following types of revenue:

• Salary from employment.

• Business income.

• Pension (as well as disability, widow and orphan pensions).

• Revenue of current or future lease agreements.

• Parental allowance.

• Alimony.

• Foster care benefits.

In general, you should have at least 20% of the price of the property in savings. This will give you a better chance of getting a home loan. This is due to current regulations of the NBS, which restrict the volume of home loans banks can provide above this limit on a quarterly basis. Limits cannot exceed 90%, however such loans usually go to only the most creditworthy.

Common difficulties that arise when applying for a mortgage include:

• Missing or late consumer loan payment installments.

• Any arrears in social security, or at the Tax Office.

• Unauthorized bank account overdrafts.

• Irregular, unstable, or inconsistent income over the last 6 months.

• Employment lacking job security (temporary employment, freelance work agreements).

NO. If applying for a mortgage in Slovakia, applicants must be absent from any debtor registries. Any outstanding debt, ongoing foreclosure, or insolvency will make it impossible to get a mortgage. Also keep in mind that home loan providers tend to investigate the previous 3 to 5 years, and they only tolerate extremely minor transgressions.

The maximum amount on home loans in Slovakia is 90%. However, this is most often reserved for only the most creditworthy. The most common home loans banks provide are at 80% of the collateral’s value, while applicants pay the remaining 20% on their own.

If applying for financing above 80% of the purchased property, it’s best to apply at the beginning of the new quarter. This is because of regulations that restrict the volume of home loans banks can provide above 80% on a quarterly basis. Thus, applying at the start of the new quarter ensures a better chance you get to the bank before it meets its quota.

The documents banks require in the mortgage application process can vary from one institution to the next. However, in general and in most cases, you will need at least the following:

• Proof of residency with one or two forms of valid identification - For example: an identity card and a passport, or a driver’s license and a birth certificate.

• Proof of income - In most cases, the bank verifies this through the social insurance company of the applicant.

• Tax return and confirmation the applicant has no tax arrears from the Tax Office (only for SZČO entrepreneurs and freelancers).

• Bank statement (most often covering the last six months).

• Real estate valuation of the property, including the title deed.

• The purchase contract (which you must submit when the purpose of the loan is acquiring real estate, such as a home or apartment).

• A copy of the seller's identification card.