Fill in the application form here and you’ll get our initial offer in a minute. The more precise the data you submit regarding your income, existing financial obligations and the property you’re offering as collateral, the more precise our initial offer will be. One of our loan specialists will get in touch with you if more information or additional documents are needed in order for them to make you a final offer.
When you apply for a home loan you should bear in mind that you’ll have to cover the cost of an expert assessment of the property and pay a loan contract fee, the state fee for establishing a mortgage and notary’s fees. You also need to take into account that you’ll have to keep your home insured throughout the loan period. And if you make use of a EIS (former KredEx) guarantee as security, you’ll have to pay the fee for that as well.
To transfer a loan over from another bank, fill in the application form and mark ‘refinancing’ as the objective. (This is what transferring a loan is otherwise known as.) Don’t enter the loan you’re transferring as an obligation. Indicate the security on the loan you’re transferring as the collateral. One of our loan specialists will make you an offer, after which you should apply to your existing bank to repay the loan. The loan specialist will take care of the rest and take you step by step through the rest of the process.
The loan amount we can issue you with depends on your household’s monthly income and obligations and the value of the property established as collateral on the loan. The quickest way of finding out the amount we’re willing to lend you is by completing a loan application – you’ll get our initial offer in a matter of seconds. The more precise the data you submit regarding your income and obligations and about the property you’re offering as collateral, the more precise our initial offer will be.
You don’t need to have an account with us in order to apply for a loan, but you will need to open one if you decide to accept our offer and enter into a contract. Your loan will be paid out into the account you open in Coop Pank, via which you’ll also make your repayments. Any co-borrowers will need to open an account with us as well before signing the contract.
Yes. As with any applicant, the most important thing is that the funds available to you (in this case from your pension) are enough to cover your repayments. The only stipulation is that the loan must be repaid in full by the time you turn 75. If you need a longer repayment period, you might want to consider adding one of your children to the loan contract.
This amount depends on the market value, location and liquidity of your collateral. As a rule, the minimum proportion of self-financing is 15%, but if you make use of EIS (former KredEx) guarantee you can reduce this amount to as little as 5%. Self-financing generally constitutes a financial contribution, but this can be zero if you have additional property. In this case, said property is counted as the part of the loan you’re self-financing.
We take your salary, any business income, rent, parental benefits, family allowances, pensions, scholarships et al. into consideration. Where income is concerned, regularity and sustainability are important.
Yes. Coop Pank accepts income earned abroad which is regular and sustainable and for which there’s documentary evidence.
Euribor or the Euro Interbank Offered Rate is the pan-European interbank interest rate on the euro with which the leading banks on the European interbank money market offer one another term deposits. The current Euribor rate can be found by clicking on e.g. the https://www.euribor-rates.eu/en/ link on the Eesti Pank website.
The date on which the Euribor rate is amended is different in every loan contract. If the base interest type is six months’ Euribor, then the rate is amended every six months. The loan contract indicates the exact dates on which the rate will be amended. You can find these under ‘Loans and Leasing’ in the Internet bank and by clicking on your loan in the app.
The rate of Euribor for the next six months is fixed in the loan contract on the agreed date of amendment of the interest rate, but the Euribor rate from two days previously is taken as the basis.
In the case of loans with fluctuating interest rates, the interest rate is made up of the periodically amended base interest rate and the fixed risk margin. For the most part, the base rate of Euribor is amended every six months. When this occurs, the interest rate is also amended and interest is calculated on the balance of your loan according to the new rate. If Euribor goes up, the interest rate and your monthly repayments will go up as well, and vice versa. Your monthly payments will not change as soon as Euribor does, but a month later on the next repayment date. For example, if Euribor changes on 20 June, your new monthly repayment amount will come into effect on 20 July.
In the case of loan contracts with fluctuating interest rates, the interest rate is amended after an agreed period. The interest rate comprises the base interest rate (Euribor) and a risk margin. When Euribor is amended, the interest rate on the basis of which interest is calculated is also amended. This affects the amounts of your monthly repayments.
First and foremost, the interest margin is affected by the borrower’s solvency and payment history.
In a typical home loan contract, an interest margin is established to which six months’ Euribor is added. The value of Euribor is amended every six months. But if you want to fix the interest rate, a specific rate is agreed on which then remains unchanged for the period in question, e.g. five years. Once this period comes to an end, the initial interest margin + six months’ Euribor once again applies to the contract.
If you feel happier knowing how much your home loan repayments will be five years in advance and you’re prepared to pay a little more in the long run, it’s worth weighing up whether to fix your interest rate. But if your budget allows for fluctuations in your monthly repayments or the amount you have left to pay isn’t very big, there’s no point in fixing the interest rate.
The interest rate can be fixed on all new and existing private client loans that are secured with property.
In Coop Pank, the interest rate can be fixed for a period of up to five years.
The fixed interest rate is determined by adding the fixing margin to the risk margin established in the loan contract.
In order to fix the interest rate, the interest type is amended in your loan contract. For this you’re charged an amendment fee in accordance with the current price list.
You can, but this is classed as an amendment to your contract and requires you to submit a signed statement to your loan administrator (or a message via the Internet bank) requesting this. The bank will then charge you the fee for amending the interest type in accordance with the price list.
No – as of 2024 this is no longer possible.
When filling in the loan application form, we recommend saying yes to receiving offers from Coop Kindlustusmaakler. If you do, then they’ll make you a variety of offers from different insurance companies straight away, i.e. in the course of your application. This will save you the time and hassle of having to ask all those insurers for offers yourself. Insurance policies tend to be entered into for a period of one year, at the end of which Coop Kindlustusmaakler then makes you another offer. If you take out a policy elsewhere, you’ll need to make sure yourself that it’s renewed and e-mailed to the bank (kindlustus@cooppank.ee).
Coop Pank accepts expert assessments that are no more than six months old.
As a rule, the home being built or purchased is accepted as collateral for the loan in question, but other residential property belonging to the borrower can also be used. We accept real estate belonging to adult children, parents and grandparents as well. Moreover, you can make use of a EIS (former KredEx) guarantee to reduce the amount of self-financing required for your loan. These additional options will be outlined to you by our loan specialist if it emerges in analysing your application that the property is insufficient as collateral for the loan.
If the loan the apartment is guaranteeing is repaid using money from the sale of the apartment or other money of your own, there are no obstacles to you selling the apartment. To do so, submit a signed application or Internet bank message to this effect, indicating your contract number, the amount being repaid and the date of repayment. You must also inform your loan administrator when and where the sale will be notarised, since a representative of the bank has to be present. The administrator will let you know the exact amount that needs to be repaid. If there isn’t enough money in your account to cover the amount on the date in question, your application will be annulled. In accordance with the law, the bank has the right to charge a fee for the early repayment of a loan, as set out in its price list.
In order to release one property from serving as collateral, you’ll need to have the other property (i.e. the one that will continue to secure your loan) valued. To do this, order an expert assessment of the property and forward the results to your loan administrator along with a request to cancel the mortgage on the other property. The administrator will then tell you what your next steps are.
A mortgage, or real estate pledge, is an agreement, where real estate (such as a home purchased with a loan) is set as collateral for the loan. This gives the bank the right to sell the collateralized property if you do not repay the loan.
However, a mortgage does not mean that the bank becomes the owner of the property. The owner is the person who bought the property, usually the borrower.
A mortgage is established at a notary. For this, an agreement is made between the property owner and the bank, i.e., the mortgagee. Based on this agreement, a mortgage entry is made in the land register. If you buy real estate with a bank loan, the mortgage is usually set in the same contract as the purchase transaction.
It is good practice that for an individual borrower, the mortgage secures only the specific loan agreement. However, at the borrower's request, it is also possible to make a mortgage agreement that secures loans that the borrower will take in the future.
The mortgage ensures that the loan, interest, and other costs, such as bailiff fees and insurance premiums, are paid. The bank does not have to go to court in case of debt but can initiate the sale of the property. This takes place in the enforcement process through a bailiff, and the property is sold at auction.
If the property is mortgaged, you still have the right to use, manage, and even sell your home, provided it does not reduce the value of the property or harm the bank's interests. The bank must be notified of the intention to sell, and a bank representative will also participate in the sale transaction and give consent to release the property from the mortgage (or transfer the mortgage to the buyer's bank) on the condition that the loan secured by the property is paid. If you only want to repay part of the loan, the bank must ensure that the remaining loan balance is secured by other property. Otherwise, the bank will not agree to delete the mortgage or transfer it to another mortgagee.
In summary, a mortgage gives the bank assurance that the loan provided by the bank is secured by real estate. At the same time, it allows the property owner to use, renovate, and sell the property if necessary. Although a mortgage may seem complicated, it is a common and mutually beneficial agreement that helps to acquire a home.
The need for a EIS guarantee will become clear in the course of analysing your application, and our loans specialist will outline the options available to you. If you already know you want to reduce the amount of self-financing you have to provide, you can mark a EIS guarantee as security in addition to your property on the application form. The loans specialist will then guide you on what to do next and what paperwork to provide.
Maaelu Edendamise Sihtasutus or the Rural Development Foundation (known by its Estonian acronym MES) issues co-loans to cover the cost of the self-financing part of ordinary bank home loans. These loans are designed for the purchase, construction and renovation of free-standing or semi-detached houses outside of built-up areas in Harju County (i.e. in places where there are fewer than 1000 residents).
At least one of the borrowers must be an Estonian citizen. The co-borrower can be an individual with an Estonian residence permit. The minimum net income of the applicant must be 1400 euros. If there are two applicants, their collective income must be at least 2400 euros.
You can, provided the area is outside of Harju County and home to no more than 1000 residents.
Applying for a MES co-loan works as follows:
Yes, either in part or in full. To do so, submit a signed application or Internet bank message to this effect, indicating your contract number, the amount being repaid and the date of repayment. If there isn’t enough money in your account to cover the amount on the date in question, your application will be annulled. In accordance with the law, the bank has the right to charge a fee for the early repayment of a loan, as set out in its price list.
Yes, unless otherwise agreed in your loan contract. In accordance with the law and the bank’s price list, an amount equal to three months’ interest during the period of fluctuating interest rates has to be paid to the bank, which is deducted retrospectively from the loan amount. We calculate this amount for you ourselves. You won’t be charged the fee if you inform the bank (in writing) of your intention to repay your loan ahead of time at least three months in advance. Any less advance notice and you’ll be charged the aforementioned fee, wherein the three-month period is counted from the day on which the application is submitted. If the relevant amount isn’t in your account on the day indicated in your application, you’ll need to submit a new application with a new repayment date. The three-month period will then start being counted again from the day on which you submit the new application.
If you’d like to cancel the mortgage, simply let your loan administrator know. They’ll then arrange for its notarised cancellation. A mortgage can also be assigned to e.g. the owner of the property, who in most cases is the borrower. If the mortgage guarantees all of the borrower’s claims, it can also be used in future to secure a new loan so as to avoid repeated notary’s fees. As such, if you plan to take out further loans at some point, it makes sense to keep your mortgage in place. However, if it only guaranteed the loan that’s just come to an end, you’ll still have to arrange another notarised transaction if you take out another loan.
To find out what your next repayment amount will be, click on your loan in the app or under ‘Loans and Leasing’ in the Internet bank (where your entire repayment schedule will be set out).
You’ll find this under ‘Loans and Leasing’ in the Internet bank. The full schedule isn’t available in the app, but you will find your next monthly payment there.
To change accounts, submit a hand-signed or digitally signed request or an Internet bank message to this effect, indicating which account you’d like to set as the one servicing your loan repayments. The account in question can belong to either the borrower or a co-borrower. Changing the account means amending your loan contract, but you won’t be charged for doing so.
Transfer the amount required to cover your monthly repayment to your home loan-linked account in Coop Pank by the due date set out in your contract (at the latest). The bank will deduct the repayment in the relevant amount from your account on the agreed date. We recommend having your income paid into Coop Pank, or else setting up a standing order (in an amount slightly higher than your monthly repayment) to transfer to your Coop Pank account. Don’t forget that whenever Euribor is amended, your repayment amount will also change.
You can. Send us a message via the Internet bank or submit a digitally signed application in free form. Indicate the number of your loan contract, the borrower’s ID code and how long you need the grace period to be. Be sure to state, in detail, why you need the grace period. One of our loan specialists will analyse your application and offer you the optimal grace period option given your situation.
You can take a break from repaying your loan (also known as a grace period) if you need some short-term relief in regard to your monthly outgoings. Examples include when you have a baby, if you’re called up to do military service or if you take out a renovation or construction loan and want to redirect a few months’ worth of savings into that. But grace periods are most commonly sought when people lose their job, change jobs or are forced to miss work because they or someone in their family falls ill – in other words, when their income unexpectedly decreases. A grace period constitutes an amendment to your contract. Your loan administrator will analyse your situation and offer you the optimal option accordingly.
During a break from principal payments, all you have to pay us is the interest on your loan. If you take a complete break, the repayment of both the principal amount of the loan and the interest is deferred, and in the meantime you don’t have to pay us anything. Full breaks from payment are approved by the bank if your family’s income drops dramatically – generally when all of the earners in a family lose their jobs. However, you need to bear in mind that if the period of your loan isn’t extended, your monthly repayments will go up after both payment breaks.
If you’re marked in the loan contract as the only borrower, you can change your repayment date in the Internet bank yourself on the proviso that you’re not in debt. To do this, select ‘Loans and Leasing’ under ‘My Bank’, click on your contract and choose a new repayment date from the options available. If there’s more than one borrower, send us a message via the Internet bank or a digitally signed message in free form. In it, indicate your contract number, the ID codes of the borrowers and the repayment date you want to change to (anything from the 1st to the 20th of the month).
You’ll find their contact details by clicking on ‘Loans’ in our app or on ‘Loans and Leasing’ in our Internet bank.
If your contract was signed in Docobit (up to May 2023), you’ll find it by logging in at https://app.dokobit.com/. If it was signed in dSigne (since May 2023), you’ll have been sent an e-mail after signing the contract informing you that the contract was able to be downloaded from the portal within seven days. If you signed your contract by hand or digitally signed it and exchanged it with the bank via e-mail, please contact your loan administrator.