MORTGAGE LOAN FOR NON LOCAL INDIVIDUAL
PURPOSE OF THE LOAN: Purchase of residential real estates in Bulgaria.
- Foreign citizens may apply for financing the purchase of real estates offered for sale only by a certain List of investment/ development companies financed by the bank
- Bulgarian citizens having permanent labor contract with employer abroad.
- Foreign citizens with permanent income abroad.
- Age requirement for the loan applicant : Age at loan final maturity date – 60 years for women, 65 years for men.
- The monthly installment (due principal and accrued interest) of the loan should not exceed 30% of the net monthly income of the loan applicant.
CURRENCY OF THE LOAN: BGN, EUR
MAXIMUM TENOR OF THE LOAN:
- 20 years for foreign citizens
- 25 years for Bulgarian citizens
- Disbursement period: up to 3 months since the loan contract is signed
- Type of disbursement: One-off or following an individual disbursement plan
- Equal monthly installments (annuity loan)
- Decreasing monthly installments
- Mortgage of the purchased real estate at minimum accomplished stage of “Permission for utilization ” status (with issued Act 16 according to the Bulgarian Law).
- Blocked deposit of the customer with the Bank equal to 6 monthly installments (principal and interests) for foreign citizens.
- Blocked deposit of the customer with the Bank, equal to 3 monthly installments (principal and interests) for Bulgarian citizens
- Every year the amount of the deposit can be reconsidered upon initiative of the client .
- Required insurance of the purchased real estate – the client may subscribe to the favourable conditions of Generali insurance administered by the bank
- Up to 70% of the market appraisal of the real estate accepted as collateral by the bank. The market appraisal is provided by licensed appraisers.
LOAN SPECIFIC CONDITIONS:
- Establishment of borrower’s legal representative in Bulgaria – an agreement for power of attorney between the borrower and a local real estate/ construction company must be concluded.
- In exceptional cases the borrower could be represented by an individual (via power of attorney) approved by the Bank.
- Application form.
- Letter of attorney - Certified by notary (in case of foreign notary an apostille is required).
- ID documents
- Last 3 months salary statement from employer (last 3 months salary slips) or statement about other source of income – this income is expected to be received during the loan contract duration - Original
- Statements of bank accounts for the last year or at least 6 month period
- Documents about other individual investments (upon client initiative) in pension funds, mutual funds, government securities and other securities - apostille .
- Preliminary contract/contract for real estate purchase
- Tax declaration for the last year
- Licensed market appraisal of the real estate
- Family status document
- Credit history