What are the main caracteristics of the different housing loan types (rate types, terms, repayment...)?
Conventional housing loan (fixed interest rate)
- equal monthly instalments during the chosen fixed interest rate period,
- secures your budget by protecting you against interest rate increases,
- terms of fixed interest rates (until revision): 5, 10, 12, 15, 20, 25, 30 or 35 years,
- maximum term of the loan: 35 years,
- the full or partial early repayment of a fixed interest rate loan without payment of an early repayment indemnity is limited to the interest rate resetting periods with 15 days’ prior written notice to be sent to Spuerkeess,
- outside of the interest rate resetting periods, full or partial early repayment shall be possible only with fifteen (15) days written notice to be sent by the borrower to Spuerkeess, after obtaining the prior written consent of Spuerkeess, and in exchange for payment by debiting the loan account for a breakage cost. The early repayment indemnity is calculated on the basis of the terms fixed at the signing of the loan in accordance with the legal provisions in force. Subject to fulfilling the conditions provided by law, the early repayment indemnity may thus be limited by a ceiling of six months’ interest calculated on the repaid amount. Note that the law excludes the financing of rental property from this ceiling.
Flexibility Loan
With the Flexibility Loan, your housing loan benefits from a flexible repayment formula that adapts to your age and life situation!
Young professional: to make it easier for you to become a homeowner, you pay less at the start of the loan and the monthly repayments are adjusted throughout your career.
Future pensioner: during your working life, your monthly repayments are higher and once you retire, they are reduced.
Investor: your repayments are reduced throughout the term of the loan to help you balance your cash flow. The outstanding balance must be repaid at the latest by the end of the loan term.