BSI residential mortgages. Flexible, competitive solutions exclusively for our clients

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1 BSI residential mortgages Flexible, competitive solutions exclusively for our clients

2 Enjoy your property investment, both now and in future, with BSI.

3 3 BSI, A PARTNER YOU CAN COUNT ON For more than a century BSI has worked tirelessly and passionately to offer its clients practical, lasting financial solutions, with the aim of meeting their every requirement in terms of portfolio management and optimisation. Buying or renovating a house is an important decision that requires long-term investment planning and the consideration of many complex issues that may have significant financial implications. That s why BSI is pleased to offer its know-how and specialist skills, developed over many years, to provide you with help and guidance in choosing the right combination of mortgage products and services to meet your individual needs. BSI offers a number of exclusive flexible, competitive loans to finance the construction, purchase or renovation of a home in Switzerland. Your personal requirements and expectations present a unique challenge for BSI. That s why we are committed to providing the loan that is right for you. BSI RESIDENTIAL MORTGAGES SUMMARY BSI s team of experts work closely with your relationship manager to provide you with specialist loan advice tailored to your particular global financial situation and to offer you exclusive flexible, competitive mortgage solutions. BSI mortgage solutions include fixed- and variable-rate loans, as well as construction loans. Below we outline the main advantages of each.

4 4 BSI Residential mortgages Type Interest rate Payments Advantages Disadvantages Interest rate risk Variable-rate mortgage Variable, according to the situation on the capital market. Variable Cost of finance reduces if interest rates fall. Cost of finance is higher if interest rates rise. Exists for the duration of the loan. Fixed-rate mortgage Construction loan Unchanged for the duration of the loan agreement. Fixed Variable interest rates and payments. Option to change to a fixed-rate mortgage at any time. Enables precise calculation of cost of finance right up to the scheduled maturity date. Not affected by a rise in interest rates. Cost is higher if market rates rise. No benefit from any reductions in interest rates. Penalty payable in the event of early settlement. Payments depend on the amount used. Only at maturity (risk can be reduced by combining several durations). Exists for the duration of the construction loan. The feasibility of a property purchase or mortgage project is ensured by finding the right balance between financial income and long-term investment. This can be achieved by applying a simple principle: the sum of all mortgage interest, repayments, and maintenance and other expenses must not exceed one-third of the client s gross annual income if the building is owner-occupied, or 90% of rental income in the case of an income property.

5 5 THE LOAN The money used to buy a property is divided into two parts: a deposit, provided by the client, and the mortgage itself, which finances the remainder of the purchase price (or building cost). Deposit The deposit provided by the client must be at least 20% of the sale value of the property as assessed by the bank. In the absence of a large enough deposit, as long as the loan is for a primary residence then a sum equal to 20% of the sale value can be withdrawn from the capital of an occupational and/or private pension, as follows: Third pillar financing (private pension) Early withdrawal of capital Third pillar funds can be withdrawn early every five years to finance the purchase of a primary residence. The tax authorities must be notified of the sum withdrawn. Second pillar financing (occupational pension) Early withdrawal of capital Here, the client withdraws his or her vested pension benefits, and uses them as a deposit for a primary residence. This creates a hole in the occupational pension which can be made up via a private pension. The tax authorities must be notified of the sum withdrawn.

6 6 BSI Residential mortgages The mortgage The mortgage loan may be: a first-level mortgage (of up to 66% of the sale value) with no repayment requirement. a second-level mortgage if necessary (of up to 80% of the sale value). This loan includes compulsory direct or indirect repayments, which are normally set at an annual figure of 2% of the initial loan amount. Loans of more than 80% of the sale price can be granted if assets are pledged. 80% Bank loan 66-80% Second-level mortgage Up to 66% First-level mortgage 100% Property value 20% Deposit REPAYMENT In Switzerland, mortgages on primary residences can be repaid either directly or indirectly. Direct repayment With direct repayment, the client repays the bank a set sum each year. In this way, the mortgage and interest are reduced progressively.

7 7 Indirect repayment With indirect repayment, the debt remains unchanged over time, since payments are made to a pension account/policy in favour of the pillar 3a, and thus benefit from tax breaks. The funds in the pension account/policy must be used to repay the mortgage by the time the client retires. The funds of pillar 3a earn an attractive rate of interest, in favour of the client s retirement pension. In addition, they are fully tax deductible. This option combines tax savings with the benefits generally offered by a mortgage loan: namely tax deductibility of mortgage interest and property maintenance costs. Repayments/remaining loan in CHF Mortgage Years Years BSI S KNOW-HOW AT YOUR DISPOSAL From buying the land to building your house, experience the excitement of seeing your project grow, the security of knowing you have a reliable partner, and the reassurance of a loan that is right for your financial situation, and for your present and future needs. BSI offers quality and expertise, thanks not only to its relationship managers, but also to its team of expert professional loan specialists.

8 BSI AG 6900 Lugano - via Magatti tel. +41(0) fax +41(0)

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