Is it possible to pre- pay a house/mortgage loan In Poland?

Pranzeee

11 Jun 2014 / #1

Hello Guys ,

I want to know is it possible to pre pay a house loan / Mortgage in Poland . I am going for a 10 year loan for a flat in krakow . I am expecting some money in next 2 or years and would like to get rid of my loan( to be mentally free) .

Many banks do not allow prepayment in other countries and many times a penalty is on pre payment of loan .

Pranzee

peter_olsztyn 6 | 1082

11 Jun 2014 / #2

Of course you can pre-pay. Banks in PL want 1.5% - 3% in the first 1, 3, 5 years but it is worth to pay even 2000zl to be free again.

mcm1 2 | 81

11 Jun 2014 / #3

We can pay ours off after 4 years with no penalty.

OP Pranzeee

11 Jun 2014 / #4

One more question : Is monthly payment made for mortgage/ housing loan is tax deductible ? for example in USA the monthly payment you make to pay off your housing Loan is not considered as your income while calculating income tax .

f stop 24 | 2493

11 Jun 2014 / #5

In US the interest you pay on your home mortgage is deductible, not the principal.

peter_olsztyn 6 | 1082

11 Jun 2014 / #6

It was in 2002 but died in 2007 and the interest only.

Dont gag me yo 7 | 155

12 Jun 2014 / #7

In the USA prepayment penalties cannot be on primary residential properties only on commercial or investments.er if the same applies in Poland?