In most banks citizens not older than 78 can apply for a loan, provided that last installment is paid until 78th birthday. This applies to pensioners enjoying specific privileges. In case of client’s death, insurance company will repay the loan.
Representatives of the Montenegrin Commercial Bank say that they grant housing loans, mortgage loans and loans for pensioners under the age of 75. Cash, consumer and refinancing loans are granted to persons under the age of 70.
“Housing loans are granted to clients not older than 70 (with insurance policy required if client is older than 67 and younger than 75 at the moment of paying last installment). Mortgage loans are granted to persons under 75 with insurance policy required. Cash loans, refinancing loans and consumer loans are granted to persons under 70 with a guarantor required. For persons under 67 , guarantor is not required”, explained the representatives of Montenegrin Commercial Bank.
Representatives of Hipotekarna bank say that loans for pensioners are granted to persons not older than 78.
Pensioners are required to have insurance policy and they are obliged to pay the last installment before they turn 78. Other types of loans are granted to clients not older than 75.
Sum of the age of every loan participant at the moment of the conclusion of loan agreement can be 70 maximum. For example, if a loan participant is 69, repayment period should not exceed one year. If a loan user is older than the established restriction, Hipotekarna bank can grant loan only if the person has one or two co-debtors.
One of the most popular pensioner loans is Super senior loan, with insurance policy up to €10.000 free of charge and with 10- year repayment period.
“Mortgage pledged as guarantee for loan arrangement must have adequate insurance policy”, explained the representatives of Hipotekarna bank.
Clients of this bank are enabled to repay their loan up to 70 years of age. That means, they are supposed to repay the entire loan before they turn 70.
“Cash loans for pensioners are exception. Client is obliged to pay the last installment before he/she turns 78”.
Insurance policy is necessary for housing loans, refinancing loans and for adaptation.
Representatives of Erste bank say that last annuity should be paid before client turns 70. Pensioners can repay their loan until they are 78.
“Mortgage loans should be repaid before client turns 70”, said the representatives of Erste Bank,
Property insurance policy is necessary for real estate mortgage loans regardless of the repayment period, amount, interest rate of the client-segment.
“Life insurance policy is required for consumer loans over €20.000 as well as for housing loans. Policy can cover 40% of the loan amount”.
In Prva bank, clients not older than 75 can apply for housing or consumer loans.
“Life insurance policy is necessary for housing loans. Claims insurance policy is required for pensioner loans regardless of the client’s age”, said the representatives of Prva bank.
Representatives of NLB bank say that they grant housing, mortgage and cash loans to clients not older than 67.
This bank has special offer for pensioners too. In cooperation with insurance companies, xlients can be granted loans and repay it before they turn 78.
“Clients must have life insurance policy if they apply for housing and mortgage loans with last installment to be paid off after the age of 50. Age limit for cash loans is 67”, said the representatives of NLB bank.
Representatives of Lovćen bank say they grant loans which are due to be paid off before client turns 75.
Insurance policy is required if client applies for a pensioner loan or housing loan, for which the last installment is due when client is over 65.
“If the loan is due to be paid off before client turns 65, policy is optional”, said the representatives of Lovćen bank.