Can you have a housing loan and a cash loan at the same time?
The loan for the purchase of a flat always amounts to very high amounts, and the repayment time may even reach forty years. During this time, different situations may arise, and with them also financial problems. Then a vision of taking a cash loan to repay the current liabilities appears. Is it possible, however, to obtain such a loan?
Taking a loan for an apartment we are aware that it is a decision for many years. During this time, our financial situation may deteriorate to such an extent that we will not be able to pay our debt. Then, looking for the right solution, we decide on a cash loan.
Many people, after buying the apartment, also want to arrange them properly. Not having the money, he also decides to take a loan. However, is it possible to have a cash loan also with a loan for an apartment?
Who can count on a loan with a loan?
When paying for a housing loan, few people can afford an additional cash loan. However, it all depends on our individual situation and the bank’s decision. However, one should take into account the fact that if we are at the beginning of repayment of a housing loan, and our income allows covering only one loan installment per month, then there is no question of a cash loan. No bank will give us a loan if it sees that our current financial situation does not allow it.
Also in the case of a longer, regular repayment of a housing loan with lower income, the bank will not support us in the form of a cash loan. Only people with large incomes can afford such a solution. Of course, it all depends on the amount of the cash loan we expect. With lower incomes, we may be able to borrow smaller sums. Real loans are then up to PLN 5,000, where the installments are not high.
Or maybe a loan from outside the bank?
Cash loans regardless of our financial situation are often willing to provide non-bank institutions. So many people use this solution if their lives force them to raise an additional amount of money. However, it is worth bearing in mind that such loans involve much higher costs. They are high interest rates and we have to take into account that the repayment period is also short.
However, if we are not afraid of such a solution already having a housing loan and we believe that we will manage to repay it, then we can use such help. However, it is worth remembering that although all kinds of loans and borrowings are a very attractive form of financing all kinds of purchases, you should use them wisely and with your head in order not to run the risk of being in trouble. Falling into the vortex of loans and borrowing it is hard to go straight on.
It is therefore worth taking such decisions scrupulously analyzing all the positive and negative consequences for our household budget and the future. Then we will certainly sleep peacefully and we will be able to effectively implement all our plans.