The young married couple are feverish with the baby loan. Mr. Chips also has a lot of questions about the terms and conditions of the application, of which we have collected the five most frequently encountered.
Can I apply for a baby loan if I have used CSOK before or would like to apply?
Yes, there is nothing to stop it. CSOK and baby loan are both part of the Family Protection Action Plan, but there is no link between the two, so one does not rule out the other. The CSOK is a non-refundable grant and loan, and the village CSOK is for home use only. A baby loan is a free personal loan that you can spend on whatever you want.
How many TB legal relationships are required to apply for a baby loan?
A baby loan has stricter TB legal conditions than CSOK or a traditional personal loan. This means that at least one member of the couple must have a minimum 3 year continuous TB relationship. This can be either an employment relationship or a full-time degree. There may be a maximum of 30 days interruption between different social security relationships. A full-time higher education degree may take up to 6 months to reach the next TB degree.
It’s not a problem if part of your 3 years is a foreign job, though filing a foreign income certificate with banks is always more cumbersome than working for a domestic company. Foreign insurance is acceptable if at least one of the members of the couple has a domestic TB relationship at the time of filing the application, within the last 180 days.
Want to know more about baby support? Not only can you read all the details here, but with the baby loan calculator, you can also calculate how much government support you can get if you have one or more children!
Will the loan be interest-free if I need a loan after the baby is born?
No. In order to keep the loan free of interest after 5 years, the baby must be born after applying for the loan. Nevertheless, a couple can take out a baby loan when they already have children, in which case the interest-free life will cease after 5 years unless they have an additional child.
Important: It is not enough for a child born after July 1, 2019 to apply for a loan before birth in order to qualify for interest-free treatment.
How Many Children Do I Have to Have to Borrow a Baby Loan?
Applying for a baby loan is not affected by how many children a couple has and how many are planned. Later childbirth is important because of the lack of interest and the suspension of repayment. This means that when applying for a loan, you do not have to declare how many children you want, this is only the case with the upcoming CSOK.
Can we borrow credit if we were planning a wedding after the baby was born?
Only married couples can take out a baby loan and the loan will only be interest-free if you apply as a couple and then the baby is born. For children born out of wedlock, you will not be able to qualify for interest relief even if they were born after July 1, 2019, because the application will be rejected by the bank under the Regulation. Even if the couple meets all other conditions, by the way.
It is irrelevant for the purpose of applying for a loan when and how you got married. If you are married abroad, you will need to be naturalized before applying for a loan.