Home Loans for Pensioners
Because every moment is the right one to invest in the future
It's never too late for a new beginning in a new home.
With our expert support, we will guide you through every step – from choosing the most favorable options, assisting with document collection, to loan approval.
We help you not only secure financing but also find a home that suits your needs and desires. With flexible repayment terms, expert support, and fast application processing, Kredium helps you take a big step toward your new beginning without stress.
Safe Process
Transparent terms and no hidden costs
Expert Support
Advisors are with you every step of the way
Flexible Loans
Solutions tailored to your needs
Terms and Documentation
Simple Terms for Pensioners
Pensioners can apply for housing loans at banks that offer tailored conditions and flexible repayment options. These loans enable the purchase, adaptation, or renovation of a home with clearly defined criteria and a simple application process.
- Required Conditions for a Housing Loan
- At least one month in retirement
- The maximum repayment age limit in most banks is 70 years (in some banks 72 years)
- Creditworthiness is determined based on pension amount and other income
- Required Documents for a Housing Loan
- ID card or passport (valid document)
- Minimum of three pension slips
- Administrative prohibition
- Income confirmation issued by the PIO fund
- Property documentation (purchase contract, land registry excerpt, etc.)
Housing Loan Calculator for Pensioners
Calculate how much you can borrow for your new home
Quickly and easily find out all the details about the loan amount, monthly installments, and conditions that suit you. Use our housing loan calculator to determine how much you can borrow, the amount of your monthly installment, and the most favorable conditions for you.
Using the loan calculator, you can calculate your housing loan installment. Simply enter your monthly pension amount in euros and your age. Kredium advisors are available to assist you.
Down Payment for Housing Loans for Pensioners
In accordance with the rules of the National Bank of Serbia from 2020, the minimum down payment for housing loans in Serbia is 10%. However, most banks prefer a 20% down payment.
In some cases, the down payment can be reduced to 0-10% if the mortgaged property is worth 130% of the loan amount.
How long does the approval process for a pensioner loan take?
When purchasing a property in a new building, banks often require the building to be at least 80% completed before loan approval begins. Below are examples of the housing loan approval process duration for pensioners, which may vary depending on various factors.
| Process | Old construction | Off Plan |
|---|---|---|
| Processing the offer through the Kredium application | 1 day | 1 day |
| Collecting documentation for approval | 7 days | 15 days |
| Bank's decision on approval | 7-10 days | 7-10 days |
| Collecting documents for disbursement | 5-10 days | 15-20 days |
| Loan disbursement | 5 days | 5 days |
| Total time | 25-35 days | 45-60 days |
Housing Loan Approval Costs for Pensioners
| Costs | Amount for an €80,000 loan |
|---|---|
| Loan processing fee, depends on the bank | 0 to 1% |
| Annual property insurance costs | €50 (annually) |
| Property ownership registration | €47 |
| Mortgage statement registration | €176 |
| Real estate listing | €8 |
| Total cadastre fee | €610 |
| Certification of the purchase agreement | €308 |
| Payment confirmation with an intabulandi clause | €49 |
| Property valuation | €100 |
| Income certificate issued by the PIO fund | Free |
| Report on the last pension payment | Free |
| Bills of exchange | €1 |
| Total | €1,350 |
Early Repayment of Housing Loans for Pensioners
Possibility of early repayment: Pensioners, like other housing loan users, have the right to repay part or the entire remaining loan amount before the contractual deadlines, whether to reduce the total debt or fully pay off the loan.
Fees and penalties: Banks usually charge a fee for early repayment, which is legally capped. According to the applicable law in the Republic of Serbia, the maximum fee for early repayment of a housing loan is 1% of the remaining debt if the repayment is made within the first 12 months for early repayments exceeding €10,000. After that, the fee may be lower or even 0%.
No fee is charged if the loan is repaid with funds not associated with a credit institution (e.g., savings or property sale).
Frequently Asked Questions
What are the conditions for a housing loan for pensioners?
Conditions vary from bank to bank, but most often pensioners need to have regular monthly income and meet the requirement for a maximum repayment period until the age of 70.
What is the minimum down payment for a housing loan?
The minimum down payment for housing loans in Serbia is 10%, but most banks require 20%. Additionally, if a property worth 130% of the loan amount is used as collateral, the down payment can be reduced to 0-10%.
How much can I borrow as a pensioner?
The loan amount you can receive depends on your creditworthiness, the maximum loan repayment period, and the value of the property used as collateral. Banks usually assess your repayment ability based on monthly income and other relevant documentation.
Is it possible to get a housing loan without a down payment?
Although banks generally require a down payment, it is possible to get a loan with a lower down payment (0-10%) if the property used as collateral is worth at least 130% of the loan amount (a client can also mortgage two different properties).
What documents do I need to submit for a housing loan?
For a housing loan, you will need basic documents, including an ID card, proof of pension amount, proof of property ownership (if used as collateral), and possibly other financial documents required by the bank. Each bank requires specific documentation tailored to the type of property being purchased.
Can the loan be repaid early?
Yes, most banks allow early loan repayment.
Can I get a housing loan if I have no regular monthly income other than a pension?
Yes, a housing loan can be obtained based on a pension alone. The pension is the primary factor in approving a housing loan for pensioners, but in some cases, banks may consider additional income (e.g., from other sources or property). It is important that the pension amount is sufficient for regular installment payments.
How is the interest rate on a housing loan for pensioners calculated?
The interest rate depends on the bank, the repayment term, and market conditions. It is recommended to compare offers from multiple banks before making a decision.
Can a pensioner be a co-borrower?
A pensioner can be a co-borrower. In some banks, if the pensioner is a co-borrower, the loan repayment period is determined based on the primary borrower's age.
Can pensioners from abroad apply for a housing loan?
Yes, they can if they transfer their pension to a bank account in the Republic of Serbia, where at least three pension payments must be made.