..::Mortgage in Bulgaria through “First Investment Bank” PLC::..
***Terms and conditions:
• Eligible borrower is every local or foreign citizen of legal age
• The minimum monthly income for each family member should be 500 € for adults and 250 € for children
• There is no maximum loan amount
• Currency - EUR, USD, BGN
• Purpose of the loan is acquisition of real estate
• The interest-only period is up to 6 months
• The minimum downpayment should be 20% of the market value of the property if it is completed or 30% of the market value of the property if it is not fully completed yet (Protocol No15)
• Collateral – mortgage on a property
• Interest rate:
- from 6.9 % (BIR/EURIBOR/LIBOR plus points) if the downpayment is more than 30%;
- from 8.4 % (BIR/EURIBOR/LIBOR plus points)- if the downpayment is between 20% and 30%
• The penalty interest rate in case of overdue payments will be the interest rate agreed plus 20 points
• Utilization – according to the utilization plan
• The repayment of the loan is made in equal monthly installments during the whole loan term after interest-only period
• The loan application and processing fee is 50 EUR
• The management fee is 2%
• Early repayment charge is 2% / 5%
• Commitment fee is 0.5%
• Renegotiation fee is 1.5%
• Life insurance is optional and is paid by the Borrower
• Property insurance is paid by the bank.
***Required Documents:
• The following documents must be apostilled:
- Power of Attorney;
- Marital status certificate;
- Certificate regarding any business activities in The Republic of Bulgaria;
• Credit history report (Experian Scorex, Equifax) for all United Kingdom citizens;
• Income documents required:
- For employed applicants/co-applicants:
1. P-60 Form (required);
2. A letter from the employer stating the applicant’s gross income (recommended);
3. Bank statements for the last three months;
- For self-employed applicants/co-applicants:
1. An accountant certificate for the previous year or the income tax return;
2. Bank statements for the last three months;
- For applicants receiving rental income:
1. Bank statements for the last three months;
2. Lease contract in case that the rental income is not shown in the Tax Return;
• The same documents are required from all applicants who are not UK citizens
Sofia Properties
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