Life insurance – which risks should it cover?
The biggest challenge relating to the current life insurance offers of insurance companies is their immense quantity. There is a wide range of types of life insurance policies, kinds of risks, ways of determining the insurance sums and durations of insurance to choose from. A properly adjusted life insurance policy should be based on choosing the risks required […]
One-time investment vs. regular investment
Many clients who approach me with the intention to invest have saved up a long-term reserve in their bank account which they do not intend to spend but prefer to have at their disposal for unexpected events. They are aware that money in a current account does not appreciate – rather, it loses value. The […]
Pension – Employee vs. Entrepreneur
The Slovak pension scheme is based on three separate pillars. Mandatory public pillar (1st pillar), old-age pension saving system (2nd pillar) and tax deductible voluntary saving/insurance schemes, supported by the state (3rd pillar). 1st pillar – old age insurance The old age insurance is a compulsory statutory insurance, with the participation of beneficiaries established directly by […]
Mortgage for SZČO – self-employed Person
How do banks assess the income of self-employed individuals (SZČO) in terms of a mortgage application? Is it necessary to pay high taxes? What should you consider before applying for a mortgage? When it comes to mortgage applications, there are areas which banks assess identically regardless of whether they are dealing with an employee or […]
Mortgage requirements for Expats
Banks can and do lend to foreigners as well. However, the conditions are stricter compared to local nationals and are internally set by each bank. It is not uncommon for a foreigner’s mortgage application to be rejected by their own bank but approved by another one. It is therefore essential to choose the right bank. […]
What is a mortgage cross-sell?
Over the past few years, banks’ revenues from mortgages have been on the decrease. It is due to an intense competition between banks as well as the decreasing interest rates resulting from the European Central Bank policies. Banks are therefore attempting to compensate for the loss of mortgage revenue by revenue from other products. Simply […]
Mortgage in Slovakia – general requirements
As far as applications for a loan product (including mortgage loans) are concerned, each bank has its own (internal) methodology, while being limited by the rules and limitations set out by the National Bank of Slovakia (NBS). In case of mortgage loans, banks examine three main areas. These are: the creditworthness of the client, the property, and the purpose […]