Usually the loan application is a standard format that each bank applies and it contains information on:

• The purpose of the loan
• Loan duration and down payment
• Information regarding the property which is going to be financed
• Extensive personal data about the borrower and co-borrower (educational background etc.). Information concerning the current and prior employment and incomes of the borrowers and co-borrowers.
• List of all other expenses, including other loan installments, if there are any.

Once the funds are disbursed, the bank should provide to the customer an original copy of the Loan and Mortgage agreement, an original copy of the life and property insurance, a copy of the costs statement and a copy of the amortization schedule.

The amortization schedule should be signed by the customer in order to avoid any discrepancy on the loan repayment. The amortization schedule should contain the following data:

1. Specifications on the customer such as name and other information;
2. The account number to be used for the repayment of the loan;
3. The interest rate (specifying the base rate and the spread);
4. The monthly installment date;
5. The principal amount before the loan installment and the amortization schedule.

As the amortization is schedule is issued only once per year in case of the adjusted rate, the Customer should be careful to be provided the next year the new table as per the new interest rate.

Banks do not apply fees when the application is first received. Similarly, if the loan request is rejected, no fee is applicable. In case the loan request is approved, the customer has to pay initial fees such as administrative expenses (paid at the moment the file is established) and the appraisal fee for the evaluation of the property. Once the disbursement procedure begins, the customer must pay the rest of the expenses related to the loan (see the article on mortgage costs).