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hyponamiru.cz / Glossaries / Deposit/Accrual

Whether you’re taking out a morgage or a car loan, you’ll probably come across the term down payment. What does it mean, what is the amount and what is a down payment?

What does it mean

By deposit or accurual (or also prepayment) we mean a partial payment in advance, often referred to as a non-refundable advance. It is usually the first increased instalment of the purchase price, and is particularly common in leasing or hire purchase.

How does the down payment work?

Do you want to buy a property, a car or something else, but you don’t have enough money saved up and want to finance it with a mortgage, lease or loan? Expect that you’ll probably have to pay some of it out of your own pocket anyway and pay a down payment, which is usually a percentage of the total amount.

The higher the down payment, the better the conditions for the client and the bank. Such a loan is less risky for the bank and it can afford to offer better terms to the client. However, you can also find a mortgage without a down payment, which has replaced a 100% mortgage.

Mortgage discounting

For mortgage loans, the down payment is the portion of the property price that the applicant must pay out of pocket. In the case of building society loans, the down payment is the amount that the client must save before the building society will grant the loan.

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Frequently asked questions

Do you deal with new mortgages as well as refinancing?

Yes, we deal with both new mortgages as well as refinancing of the existing home mortgage loans. Our specialists will find a solution for you in either case – a solution you can afford.

With which Czech banks do you have the best experience?

The most client-oriented bank is certainly Hypoteční banka with their speed of request processing, the service quality, the range of checking accounts they offer, and the interface called “Mortgage Zone”. Other such banks include Komerční banka, Moneta and Raiffeisenbank.

How long does it take to arrange a mortgage?

A mortgage can be arranged within a month or three. The whole process usually takes around two months. The reason behind it is mostly the approval process on the side of the banks. However, there’re plenty of possibilities to speed up the mortgage application and we know them. Check it out for yourself.

Can a mortgage be really arranged online?

Yes, it can. Thanks to the latest technology we’re using, you really don’t need to go to the bank to arrange a mortgage. Check it out for yourself.

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