Flat purchase procedure and its financing
COOPERATIVE HOUSING FINANCING PROCEDURE
Advantages of the cooperative housing
- You do not have to declare your creditworthiness to the bank - no tax returns, no proofs of income, live without a mortgage!
- You can purchase a new cooperative apartment at any age.
- Cooperative apartment can be transferred to a private ownership.
- The housing association is registered in the land register as the owner of the entire building.
- Any complaints of the whole house (both common areas and individual dwellings and parking spaces) are addressed by the housing association.
- Favourable conditions for contracted services (insurance, technical assistance incl. benefit card, home administration, legal consulting, internet, modern measurement and energy consumption management methods, etc.).
- Best quality assurance of the cooperative construction thanks to experienced partners.
- We will gladly provide you with more information about the advantages of the cooperative housing on a meeting in our Client centre.
Conditions for a participation in a housing association
- payment of at least 25 % of the acquisition cost of a cooperative apartment (and accessories - garages or storerooms, etc.) from your own resources (i.e. member deposit, possibly to be financed from a loan) while the remaining part will be paid according to a monthly rent prescription in the form of annuity payments to the housing association loan for 25 years from a handover of the cooperative apartment
The association member can also use funds from his or her building savings plan for financing basic and additional membership deposits. We will gladly provide you with more information about the conditions of your participation in a housing association on a meeting in our Client centre.
Contact our Client centre for sample documents.
Membership deposit payment schedule after an acceptance to the association
|Reservation deposit||100 000 CZK||Reservation deposit is payable within five days from signing the reservation agreement.|
|Lump-sum membership fee||15 000 CZK||Lump-sum membership fee is payable within three days from signing the membership application.|
Basic membership deposit (BMD)
|10 000 CZK||Basic membership deposit is payable within three days from signing the membership application.|
|Additional membership deposit (AMD)||Min. of 25 % from the acquisition price of the future lease subject (incl. VAT)||Additional membership deposit (minus the paid basic membership deposit) is payable within 30 days from a notice of the association´s board of directors on the acceptance of the applicant as an association member. May be founded from a loan.|
|Rent and deposits on services|
Depending on the amount of the AMD share and the acquisition price of the apartment
|The rent will be paid monthly in accordance with the signed lease agreement between the association as a renter and the association member as a tenant. Use our calculator to calculate the monthly (annuity) rent payments.|
The additional membership deposit (AMD) is at least 25 % of the acquisition cost of the future lease subject (i.e. the apartment incl. accessories), but the purchaser has the option to choose a higher AMD in the beginning, which is then reflected positively in the amount of a monthly rent (annuity payments). AMD may be funded from a loan. If you want to calculate if the amount of the monthly (annuity) rent payment corresponds to your preferred amount of the AMD share on the apartment acquisition value, you might use our calculator. It is contained in the price list.