QPG and Hyposervis introduce mortgage insurance innovation (CZ)

At a press conference today, Prague-based real estate development and investment group, Quinlan Private Golub, introduced a brand new mortgage insurance which it will provide for its clients with immediate effect. This new insurance means that customers interested in the residential project, Modransky Haj, will receive added security in what is a difficult economic climate.

This new mortgage insurance was prepared by mortgage broker Hyposervis in response to a residential market study conducted by Hyposervis and Deloitte at the beginning of the year. Quinlan Private Golub's new sales centre for residential projects located in Cerna ruze shopping center on Na Prikope was presented in the second half of the press conference.

Mortgage insurance SichrJob
The new SichrJob mortgage insurance significantly differs from current products on the market, as it focuses on insurance of non-ability to pay mortgage. SichrJob combines three main factors. It emphasizes the elimination of the biggest current psychological risk from the customer's point of view i.e. loss of job and inability to pay mortgage. Furthermore it stresses that the insurance product is more customer focused and flexible with minimal restrictions. It also reduces insurance exclusions. Additionally, there is no cost for customers as the insurance is covered by the developer. The new product has been developed for customers that buy apartments and houses in the residential projects of development companies. Quinlan Private Golub will meet the insurance for its customers for a three year period.

The insurance for the first three years, calculated from a mortgage worth CZK 3 million (approx. €115,000), will reach the level of CZK 85,000 – 120,000 and will be covered by the developer.

"Our study from the beginning of this year proved that people have reduced their interest in purchases of new apartments as they are more afraid of mortgage payments in case they lose their job. When we were preparing the new insurance SichrJob we primarily focused on the removal of this psychological barrier and fear to meet mortgage payments. The product that we developed in cooperation with insurance company Pojistovna UNIQA exceeded our expectations. It is not only a well prepared product that can increase confidence of potential buyers of new housing but it offers a high comfort for clients as well. The comfort is stressed also by the fact that costs are covered by a developer, ideally for three years, which in case of Modransky Haj we managed to agree with the development company. The period during which we can expect the most serious impact of crisis is covered for the client by the new insurance and therefore clients can take mortgage with much higher security," said Milan Rocek, Hyposervis´ Chairman of Executive Board. "We are very glad that we can launch this new insurance with company Quinlan Private Golub, an important partner and strong player, together offering high quality and a new added-value on the Czech market," added Rocek.

Source: Best Communications

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