Credits and loans in Poland are very popular and available to almost every citizen.

What happens when a foreigner wants to get a loan?

What happens when a foreigner wants to get a loan?

In today’s world, the number of people coming to our country from abroad is growing. Of course, the goal is very well known, all immigrants visit our country for profit. It is more and more often the case that a citizen of another country not only makes decisions about employment in Poland but also about permanent settlement here. Then, the preferred solution is to buy your own apartment, the rent amount is sometimes equivalent to or even higher than the cost of the monthly installment for the apartment. As it is properly regulated, can a foreigner in Poland receive a loan to buy an apartment or apply for some other loan.

Foreigners for Polish banks

Foreigners for Polish banks

It would seem that the origin of the loan applicant should not matter much to Polish banks. Nothing could be more wrong from the generally available bank offers that a person applying for a loan who does not have a Polish passport or citizenship should provide a lot more documents than a person with Polish citizenship. The first of the basic documents is a permanent residence card issued for no less than a year, or a certificate of registration of a citizen in our country. The next document concerns people who are not additionally citizens of the European Union, such a person should have a work permit in our country. Most banks reserve the right to grant loans only to people whose income is documented in Poland and paid in Polish currency. It is also possible to request from the borrower a certificate from his country corresponding to our certificate from BIK. However, these are often exceptional cases where oral statements are not consistent and the bank has any doubts. In most cases, an oral declaration is sufficient.

Another problem is verbal blockade. Banks require a person concluding a loan agreement to use Polish, at least to a communicative level. Before signing the contract, everything must be thoroughly explained to the borrower, the ability to read is not particularly important, because a bank employee is obliged to explain the entire contract. However, the applicant must understand all of its rules. Some banks have financial advisors who are fluent in the borrower’s native language, a favorable situation is to find a bank that has an interpreter in our native language.

Housing loan for foreigners

Housing loan for foreigners

In the next stage, the bank checks our creditworthiness. As for the housing loan, a foreigner should have a documented income exceeding at least 6 months due to the employment contract. Of course, the contract should be concluded for a longer period than the loan requested. Other additional funds obtained e.g. from a mandate contract or a specific task contract are not included. Another rigid requirement when it comes to housing loans is collateral by putting in your own capital. In the case of a foreigner, banks demand twice the amount of their own contribution than for a person holding Polish citizenship.

     It follows that a loan for the purchase of an apartment for a citizen of another country is possible, although it requires a lot more time. Procedures are more intricate restrictive. However, if we meet all the requirements it is not impossible.

     If you are thinking about a loan or mortgage for an apartment, and we are determined to stay in Poland, you should think about acquiring Polish citizenship.

A person may obtain Polish citizenship:

  1. staying working continuously in Poland for 3 years. Of course, the stay should be documented through a permanent residence card and work permit during this period.
  2. Staying in Poland for at least three years and being married at the time with a person of Polish citizenship.
  3. Residing in Poland for 2 years and having refugee status granted by the Republic of Poland.
  4. Staying in Poland continuously for 1 year, holding a permanent residence card, which was obtained in connection with Polish origin and issued a Pole’s Card.