Changes to HMS Housing loans
You can make various changes to the terms of your loan, such as shortening the loan period or taking over a loan from HMS. The price of each change in terms is ISK 3.000.
All changes must be registered (þinglýsing) at the District Commissioner’s office (Sýslumaður) and in some cases the changes may require approval from other credit institutions and even a credit assessment.
Transfer loan to a new property
If you are buying a new property, you can apply for a loan transfer and transfer the loan over to the new property. This way, you keep the same terms with no additional borrowing costs.
Take-over a loan
If you are buying an apartment that has an ongoing loan from HMS, you have the option to take over the loan.
In the event of a divorce or a breakup, you can take over the former spouse’s part in a loan. Also, if you are buying into a home that another person already owns, for example a new spouse, you can become co-owner and take over part of the existing housing loan.
Change of payment dates
If you have a HMS loan that is not due on the 1st of each month (for example the 15.) you can change the payment date to the 1st of each month.
Change loan period
If you wish to pay your housing loan faster, you can either make extra instalments into the principal amount each month, or shorten the loan period. With a shorter loan period your monthly instalments will increase and the asset formation will be faster.
Move a loan ahead in the mortgage order
A permit for mortgage is a permission from HMS to move a loan from another credit institution ahead of our loan in the mortgage order. This may be necessary for example when refinancing an outstanding loan or acquiring an additional loan.