Real estate financed by a bank and secured by a mortgage is subject to a valuation obligation. The current value of the property must be determined every three years by an independent valuer. This applies when the property is linked to the mortgage right granted for the benefit of the bank, or a guarantee fund. The book value and/or validation value can no longer be used as the basis for the valuation. This obligation arises from legislation and regulations and also applies to our customers.
An initial valuation report is required for new credit agreements, regardless of whether the amount is above or below 3 million euros. For credit agreements above 3 million euros, the property must be revalued every three years in accordance with these guidelines. The revaluation requirement does not apply to credit agreements below 3 million euros. These valuations are also mandatory for new property covered by an existing credit facility and for alterations or renovations to the property that have a material impact on its value.
BNG works with certified valuers. If you submit a financing application to BNG, we will inform you which certified valuers you can contact.