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. More information here.

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.


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.

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