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Real estate mortgage and crediting in Bulgaria

Bulgarian real estate market is opened and accessible to foreigners. You can easily not only purchase a lodging here, but even arrange a mortgage and pay the sum by installments. Mortgages for foreigners in Bulgaria are issued for up to 20 years under certain conditions.

What is needed to arrange a mortgage for the purchase of real estate?

·         Income certificate. The bank has to be sure of your capacity to reimburse.

·         Suitable age. As in most countries, the mortgagesare arranged only forthose who areolder than 21 years, provided that at the end of the mortgage periodthe person will not be more than 65 years of age

·         A good credit history. You will be given the money without problems, if you are a creditor of any bank, and have a good story. You just need to provide proof of this. Clients with positive banking history are granted up to 80% of the amount required for the purchase of real estate, while creditors with no history are granted only 70% of the amount needed

Lending terms

The bank provides mortgage for a period of 20 years (or 25 years in case of a good credit reputation). You can pay the debt in equal installments or with a decreased amount monthly. The interest rate is typically 12-14% per annum. Some banks can borrow the required amount by 10-11% in the shorter term (up to 15 years). Mortgage can be taken not only for purchase of lodging. Many banks give loans to foreigners to repair the apartment and just for current needs.