Loan and leasing

What should I do to partly or fully repay a loan early?

On your full-version Internet bank, send a message to the bank, in the section Messages / All messages /  New application / Application from a sample, selecting the subject Application for Early (Partial) Repayment of Loan

What should I do if I need a consultation regarding a loan?

To get a consultation regarding your current loan, you need to apply for it on your full-version Internet bank, by writing a free-form application, stating your question, in the section Messages / All messages / New application. An answer will be given in the same section, in form of a message.

To get a consultation regarding a new loan, fill in a credit application form and our experts will contact you. 

How to act if I want to change the owner of a property mortgaged with Luminor?

There are two reasons for changing the pledgor in majority of cases:

  • in case of selling the real property;
  • changing the owner of mortgaged real property to spouse, borrower or guarantor.
Considering that it is not possible to change the pledgor without a written consent of Luminor, your written application is required, requesting to give permission to change the owner of the real property.

You can write the application in the Internet bank section Messages.

Commission fee for our consent to actions with mortgaged property, as well as information about the amount of the commission fee for making changes in documents of a credit transaction is available here: Mortgage loan and Private loan.

Taking into account that our consent to changing the collateral provider is valid for 3 (three) months, in case of sale of real property, we recommend you to at first get the buyer’s acceptance for purchasing the property and only then write an application to get our consent.

What should I do if I want to rebuild or renovate a real property mortgaged with Luminor?

Reconstruction of real property (including replanning, reconstruction, renovation) is permitted only in compliance with the procedure established by laws and regulations, with the approval of the respective institutions.

Prior to turning to the building authority, you will need our consent. You can write the application for receiving the consent on the Internet bank, section Messages.

Commission fee for Luminor’s consent to actions with mortgaged property: Mortgage loan and Private loan.

How can I apply for payment holidays?

Write an application in the Internet bank section Messages / All messages / New application / Application from a sample and select the subject regarding payment holidays.

Please, do not hesitate to contact us as soon as any concerns arise regarding difficulties to make payments. We will review every application individually and seek the most appropriate solution to suit every customer.

Where can I apply for a loan or leasing?

On our website, in the section Loans, choose the loan or leasing that suits you most and fill in an application form. Our experts will contact you to clarify all the necessary information.

Where can I see information about my loan or leasing?

You can view the necessary information on Internet bank, section Loan and Leasing, by selecting the option of detailed information.

Where should I turn with regard to an existing leasing?

Write to lizings@luminor.lv.

How do I repay consumer loan?

The funds intended for repayment of consumer loan must be provided in your current account on the date of repayment specified in loan agreement. On this date, we will automatically repay the loan according to the loan schedule.

How do I repay mortgage loan?

The funds intended for repayment of mortgage loan must be provided in your current account on the date of repayment specified in loan agreement. On this date, we will automatically repay the loan according to the loan schedule.


New housing loan

Where can I get a mortgage loan advice?

Fill in the application to receive a structured consultation based on your specific situation regarding the possibilities of obtaining a loan.

How much of my income may be used for loan payments?

The maximum monthly loan payment is calculated taking into account the ratio of the total monthly loan payments to your monthly net income. Up to 40 % of monthly income may be used for loan payments. 

For customers with monthly income above € 1 300, this ratio may exceptionally be higher, provided that there are other liabilities that will be settled soon (maximum within one year).
 

What are the most common reasons for not getting a loan?

Insufficient income, negative records in the credit history.

How does the Bank assess my creditworthiness?

Within the creditworthiness assessment process, the Bank assesses the following:

  • regular monthly income
  • present liabilities and the underlying monthly loan payments
  • the number of dependents and, if necessary, the total household income and expenditure
  • credit history
The potential loan amount is determined by taking into account the information about income, expenditure and historical behaviour when repaying a loan.

What databases does the Bank check when assessing my creditworthiness?

When calculating the creditworthiness, the Bank checks the following:

  • information from income databases (SSIA and/or SRS)
  • information on credit liabilities and repayment quality (Bank of Latvia Credit Register, Credit Information Bureau, CREFO)
  • databases required for monitoring the prevention of money laundering and terrorist financing
If necessary, other databases may be used as well, such as information about the company's financial data.

Why is the interest rate important?

The interest rate affects the amount of the monthly loan payment and the total amount of money that will have to be repaid during the term of the loan agreement.

What does the granted interest rate depend on?

On the product type, the transaction amount and the credit risk level of the transaction.

What is the credit history?

The credit history is the information about the customer's present and past credit liabilities and the quality of repayment.

Will I be able to get a loan from the Bank if I receive minimum wage?

Customers who receive the national minimum wage cannot get a mortgage loan. When calculating the creditworthiness, the Bank takes into account the subsistence minimum for each borrower and each dependent. The subsistence minimum for a mortgage borrower is higher than the national minimum wage (net). 

What is the credit rating and how is it determined?

The credit rating indicates the probability (%) that the customer will not be able to timely meet his/her loan obligations in next 12 months. The rating is determined by using statistical models, taking into account the customer and transaction related information.

What can be done to improve my credit rating?

The rating for a mortgage loan can be improved by choosing a shorter loan repayment term (not exceeding 20 years) and providing more co-financing (above 30%). Other criteria cannot be improved as they relate, for example, to the client's length of service, industry and the like.

There are no elements for consumer credit that would allow to improve the rating, as it consists of various customer characteristics at particular moment.

How does my source of income affect my credit rating?

The source of income influences the credit rating, however, the credit rating is based on a set of several factors, and the source of income is not the most important element that improves or worsens the credit rating.

Why is the credit rating instrument created and why is it needed?

The credit rating instrument is designed to enable the Bank to manage its loan portfolio and related costs (capital requirement costs, provisions) more efficiently. The credit rating model embodies calculations based on statistical methods that allow to identify risky transactions that may cause losses in the future and thus adversely affect the Bank's financial performance and credit rates for new transactions. The credit rating provides an opportunity to develop a pricing policy that ensures lower added rates for low-risk customers and higher rates for high-risk customers.


Existing housing loan

Where can I find my loan repayment schedule?

You can see the loan repayment schedule in the Internet bank, section Loans and Leasing.

How can I change the mortgage loan monthly payment date?

To change the monthly payment date, send a free-form application via Internet bank in section Messages / New application.

How can I change the account from which I make my monthly mortgage loan payments?

To change the account from which you make your monthly mortgage loan payments, send a free-form application via Internet bank in section Messages / New application.

Where can I apply for a faster (early) loan repayment and how much does it cost?

Early loan repayment is free of charge and can be applied for via Internet bank, in section Messages / New application by writing an application using the application from a template and selecting the subject: Application for an early repayment of a loan (any portion thereof).

How can I defer the payment of the principal amount of the loan?

There are two ways to defer payment of the principal amount, namely:

  • If the agreement provides for the possibility of deferring the principal amount, it can be applied for via Internet bank, in section Messages / New application by writing an application using the application from a template and selecting the subject: Payment holidays according to credit agreement.
  •  In the event of solvency problem, it can be applied for via Internet bank, in section Messages / New application by writing an application using application from a template and selecting the subject: Postponement of principal amount of the loan.

Where can I apply for a full loan repayment?

Early loan repayment is free of charge and can be applied for via Internet bank, in section Messages / New application by writing an application using the application from a template and selecting the subject: Application for an early repayment of a loan (any portion thereof).

Where can I apply for a credit statement?

Credit statements and bank consent can be applied for by filling out the application form.

How can I change the loan repayment term?

To apply for a change of the loan repayment term, send a free-form application via Internet bank in section Messages / New application. It is not possible to change one month repayment date.

Can I change/release the loan guarantor and how?

We assess the situation of each client individually. To apply for the release or change of guarantor, send a free-form application via Internet bank in section Messages / New application.

Can I change collateral and how?

We assess each situation individually. To apply for a collateral change, send a free-form application via Internet bank in section Messages / New application.

Can I release the additional pledge and how?

We assess each situation individually. To apply for release of the additional pledge, send a free-form application via Internet bank in section Messages / New application.

What is the commission for releasing or changing the guarantor, pledge or collateral?

Commission fee for changes in the mortgage loan agreement, according to the price list is € 200.

Can I increase the amount of the issued loan?

To increase the amount of the issued loan, the value of the existing loan and the pledged property, as well as the customer's solvency are important. To allow us assessing the particular situation, apply for a consultation on obtaining a mortgage loan.

Where can I see the monthly payment and the loan balance?

On Internet bank, section Loans and Leasing. The repayment schedule is available until the next change of the rate when the payments are recalculated, hence the future schedule is not visible.

How can I get information about the historical payment schedule and the loan payments made?

Historical repayment schedule is not available. Information can be obtained in the form of a statement by filling in an application for a non-standard statement.

Commission fee for the statement according to the price list is € 50. 

What is the contractual penalty charged for?

The contractual penalty is charged for non-fulfilment of the terms and conditions of the agreement. It can be avoided by fulfilling the terms and conditions of the agreement. The most often failed terms and conditions are the following: the property is not timely commissioned, no up-to-date evaluation is submitted, if the purpose of the loan is the repairing or construction - photographs or report on spent funds is not submitted.

How can I get a copy of the loan agreement?

Via Internet bank, section Messages / New application, in the free-form application write that you want to receive a duplicate of the loan agreement, as well as state that you agree with the commission fee. The original of the agreement will be requested from the archive, therefore a commission fee of € 30 will be charged.


Consumer Loan

How can I change the consumer loan payment date?

By submitting a free-form application in the internet bank and specifying all information – agreement number and date. Fee for making amendments according to the price list – EUR 20.

How can I change the account from which I make my monthly consumer loan payments?

By submitting a free-form application in the internet bank and specifying all information – agreement number and date. Fee for making amendments according to the price list – EUR 20.

Can I fully repay the consumer loan early, and do I have to pay extra for it?

Yes, it is possible and it does not cost anything extra. To apply for early repayment of the loan, connect to the full version of the internet bank, select section Messages - New application - Application from template and enter the required information.

What should I do if I have difficulty repaying a consumer loan/car loan/credit limit due to serious reasons?

You can apply for a loan repayment pause by completing an application in the internet bank in section Messages - New application - Application from template and entering the required information.

I need an additional loan amount. Is it possible to receive it?

You cannot receive an additional amount. However, it is possible to apply for a new consumer loan with or without repaying the existing consumer loan. Apply for a loan here.

Is it necessary to submit references or account statements on my income?

Each loan application is evaluated individually. Yes, there may be situations where we ask you to submit an account statement in accordance with the Loan Evaluation Policy.

Can I receive a consumer loan if I have no official income?

No.

Are monthly loan payments deducted automatically?

Yes.

Can I get a consumer loan if my income is paid to the account with another bank?

Yes, it is possible to receive a loan, but you will also have to open a current account with Luminor.

Can I submit an application for a consumer loan online?

Yes, please submit application here.
 

Can I receive a consumer loan to combine all my loans in one?

No, a refinancing product is not available with Luminor yet.


Leasing

What is the remaining lease amount?

In case of financial leasing, you can see the remaining value in the last monthly invoice (below). If you have an operating lease, please write to lizings@luminor.lv and we will give you an answer.

How can I repay the remaining lease amount?

You have to write free-form application with a request to prepare the final calculation. You can write the application using the Internet banking correspondence or by sending an e-mail to lizings@luminor.lv.

Why don't I see leasing information in the Internet bank (remaining amount, next payment, etc.)?

For operating leasing agreements, the balance does not appear in the Internet bank because the Operating Leasing Agreement provides for the lease of the leasing object, returning the leasing object to the purchaser at the end of the period. Information about the monthly invoice appears in the Internet bank at the beginning of each month.

Why the amount of the first invoice is higher than specified in the contract?

Added interest on the use of cash resources - this is the amount calculated for the use of the leasing object from the date of its delivery until the 1st day of the next month and is included only in the first monthly invoice.

What should I do if I want to leave the country with a leased car?

It is important to understand which country you want to travel with a Luminor Leased vehicle. If the country is located in the territory of the European Union, European Economic Area and Schengen area, then the Lessee is entitled to leave without special consent or authorization of Luminor Līzings SIA, but in this case, the Lessee must make sure that the vehicle is insured in the relevant territory. If the country is not located in the EU, EEA or Schengen area, then the written consent or authorization of Luminor Līzings SIA must be obtained and the vehicle must be insured in the respective territory.

It should be noted that the Lessee must, among other things, comply with the laws and regulations of the country of entry regarding the terms of maintenance.

What should I do if I want to sell the leased car?

If you want to redeem the leasing object in your own name, you must write a free-form application in Internet banking correspondence or by sending an e-mail to lizings@luminor.lv with a request to prepare the final calculation of your contract. Once the payment has been received from you, you will be able to re-register the car in your name and further plan its sale to another person. The final calculation can be prepared immediately for a third party, in which case you must fill in the application and send it to us at lizings@luminor.lv. In this case, after receiving the payment from the third party we will be able to transfer the ownership of the leasing object to the buyer of your choice immediately.

What is the amount of my next bill?

When concluding the leasing agreement, you were also issued a payment schedule for the entire leasing period - based on this, you can plan your monthly payments. You can see the current month's billing information in your Internet banking, in the section Loans and leasing.

When will I receive a response to the leasing application?

The answer is usually provided within one working day from the moment when all the requested information and documentation is submitted to Luminor Leasing.

Do you finance tractors / yachts / other means of transport?

Yes, we finance both machinery and various equipment, but in order to give you a specific answer, please fill in the leasing application on the website Leasing application for a natural person or Leasing application for corporate customer.

How old cars can be leased?

The maximum age of the car at the end of the financial lease term is 13 years, at the end of the operational lease term - 10 years.

Will you finance a car imported from abroad?

We finance vehicles imported from abroad, but we evaluate each case separately.

What is the difference between financial and operational leasing?

In case of financial leasing, the leasing object becomes the property of the client, while in case of operational leasing the client leases the leasing object and the leasing object is repurchased by the buyer or the leasing object is purchased by the client (if Luminor Līzings SIA agrees).

What is the maximum lease amount I can receive?

Each client's request is considered individually, evaluating various aspects, so please fill in the application for a new lease Leasing application for a natural person or Leasing application for corporate customer, so that we can give you an accurate answer about the lease amount.

I have paid the last bill - what should I do to inform the Road Traffic Safety Directorate (CSDD) and be able to re-register the car in my name?

Within five working days after the payment of the last invoice, the information is automatically sent to the CSDD and an informative e-mail is sent to you, which describes all further steps for re-registration of the leasing object.

Which car to indicate in the leasing application if there is no such car make in the online application menu (for example, Tesla)?

You have the opportunity to choose the option "other" and specify the car make.

Why am I receiving a text message about a delay when the bill has been paid?

We invite you to check the last payments made for the leasing object and compare them with the issued invoices. However, if you find a discrepancy, please contact the Customer Support Service by phone +371 67 17 1880.

How can I find out only the amount of financing that a bank could provide if I have not yet found a specific car?

We recommend that you apply for a consultation to find out about financing opportunities. The creditworthiness calculator can also help, click here. Without providing all the necessary information, no decision will be made.

What does "overpay/debt" mean in invoice?

An overpay/debt is an amount that is overpaid or overdue at the time of invoicing.

When will or has CSDD mark been enforced and allows me to register the car in my name? How shall I find out?

After fulfilling the obligations of the contract, “Luminor Līzings” SIA shall place a mark in the CSDD register, as well as inform the client by sending an e-mail with instructions on how and how fast the client must act.

Why can't I contact Luminor Leasing by phone? Why communication is only by e-mail?

In case of questions or uncertainties, the customers of Luminor Līzings SIA are invited to contact the Customer Support Service by phone +371 67 17 1880.

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