|
First Investment Bank
Every able local or foreign citizen is considered an
eligible borrower. However, if the acquired property is
a plot, a local citizen should acquire a property. There
are no limits concerning the maximum loan amount. The
maximum term is 240 months with a loan purpose -
acquisition of a real estate. Up to 80% of the market
value of the mortgaged property can be
financed.
There is an option of a period when the
borrower pays only interest which may be up to 12, 24 or
36 months. After it equal monthly installments during
the loan term are paid. In case of overdue payments the
bank charges a penalty interest rate which is the the
interest rate agreed plus 20 points. The utilization is
according to utilization plan. The application fee is
Eur 50 and the management fee is 2%. There is also an
early repayment charge from 2% to 5% as well as a
commitment fee - 0.5% and a renegotiation fee - 1.5%.
You can read more on the fees and charges on their
website. The applicant's income should be 1.50 times the
monthly installments. The minimum income that should
remain per member of the household is 500 Eur for adults
and 250 Eur for children.
The bank offers a life
insurance option, which is paid by the borrower and
property insurance.
Required Documents
Credit history documents (Experian Scorex, Equifax) -
for citizens of the United Kingdom
Required documents
for the income of the applicant / joint
applicant:
For applicants / joint applicants working
under labour contracts:
1. Form P-60
(required).
2. Letter from the Employer establishing
the net income of the applicant / joint applicant
(advisable).
3. Account statement for the last three
months evidencing the declared incomes.
4. Other
documents required by the Bank.
For applicants / joints applicants who work as
freelancers or owners of companies:
1. Letter from
an accountant establishing the net income for the last
year or an Income Statement.
2. Account statement
for bank account evidencing the declared incomes.
3.
Other documents required by the Bank.
For applicants / joints applicants who receive rental
income:
1. Account statement for the last three
months evidencing the declared incomes.
2. Rental
contract, if the income is not included in the annual
Tax returns.
Applicants who are not citizens of the United Kingdom
are expected to provide documents corresponding to those
listed for UK citizens.
The term for approving the
application is usually up to 2 days.
First Investment Bank
Every able local or foreign citizen is considered an
eligible borrower. However, if the acquired property is
a plot, a local citizen should acquire a property. There
are no limits concerning the maximum loan amount. The
maximum term is 240 months with a loan purpose -
acquisition of a real estate. Up to 80% of the market
value of the mortgaged property can be
financed.
There is an option of a period when the
borrower pays only interest which may be up to 12, 24 or
36 months. After it equal monthly installments during
the loan term are paid. In case of overdue payments the
bank charges a penalty interest rate which is the the
interest rate agreed plus 20 points. The utilization is
according to utilization plan. The application fee is
Eur 50 and the management fee is 2%. There is also an
early repayment charge from 2% to 5% as well as a
commitment fee - 0.5% and a renegotiation fee - 1.5%.
You can read more on the fees and charges on their
website. The applicant's income should be 1.50 times the
monthly installments. The minimum income that should
remain per member of the household is 500 Eur for adults
and 250 Eur for children.
The bank offers a life
insurance option, which is paid by the borrower and
property insurance.
Required Documents
Credit history documents (Experian Scorex, Equifax) -
for citizens of the United Kingdom
Required documents
for the income of the applicant / joint
applicant:
For applicants / joint applicants working
under labour contracts:
1. Form P-60
(required).
2. Letter from the Employer establishing
the net income of the applicant / joint applicant
(advisable).
3. Account statement for the last three
months evidencing the declared incomes.
4. Other
documents required by the Bank.
For applicants / joints applicants who work as
freelancers or owners of companies:
1. Letter from
an accountant establishing the net income for the last
year or an Income Statement.
2. Account statement
for bank account evidencing the declared incomes.
3.
Other documents required by the Bank.
For applicants / joints applicants who receive rental
income:
1. Account statement for the last three
months evidencing the declared incomes.
2. Rental
contract, if the income is not included in the annual
Tax returns.
Applicants who are not citizens of the United Kingdom
are expected to provide documents corresponding to those
listed for UK citizens.
The term for approving the
application is usually up to 2 days.
Economic
Investment Bank (EIBank)
Loan to Value
Amount
75%, max 200 000
EUR
Payment period
Up
to 20
years
Collateral
Mortgage
(legal or/and contractual) on:
The property subject
to the deal, completely built and provided with Use
Permission or on "rough construction" phase;
- The Construction Right and the future property,
when the credited project has not reached the relevant
degree of completeness;
- Any property on the territory of Republic of
Bulgaria, owned by the credit applicant, provided
absence of encumbrances.
- 6.75% with credit report
- 8.75% without credit report
Disbursement
- As lump sum - on purchasing completely constructed
and Use Permission provided properties.
- By Stages - on purchasing off-plan properties
without degree of completion fulfilled according to
the formal agreements.
- For completely constructed
properties:
Upfront fee for preliminary
approval – 20 EUR
Upfront fee – 0.25% of the credit
applied for
Handling fee – 1% of the credit
disbursed
Annual management fee – 0.50% for each
year of loan’s term
- For properties under construction
disbursed by stages:
Upfront fee – 0.25%
of the credit applied for
Handling fee – 1.5% of
the credit disbursed
Engagement fee – 1% of the
amount of the non disbursed principal for the time of
total providing.
Annual management fee – 0.50% for
each year of loan’s term
- For partial or full prepayment both
completely constructed and under construction
3% of the prepaid installments during the first 3
years, 1% for the outstanding redemption period.
- Account servicing fee both completely
constructed and under construction 10 EUR
monthly.
Market valuation fee
both completely constructed and under construction 150
EUR one time paid.
Reconsideration terms fee
0.50
Who can apply?
- Individuals without Bulgarian citizenship
- Individuals with Bulgarian citizenship and
permanent residence abroad
The credit; applicants
shall complete/The Attorney shall submit credit
application filled by the credit applicant as per Bank
sample,
credit credit reference document providing
information for credit history, status and scorlog, as
well as initial assessment
fee pursuant to the
amount accepted by the Bank. The information exchange
can be executed by the means of web-based format or via
e-mail where as original documentary submission at
this stage is not
required.
Within 2 business days
upon receiving the documents set up above the Bank shall
analyse the information provided with regards to credit
applicant income (required
annual earning amount min. 20,000 EUR) and shall make
preliminary decision for credit granting or refusal duty
notifying
the credit applicant/the Attorney via
e-mail.
Provided mortgage credit
application The Bank requires submission of the
following documents for credit analysing:
1. original
document, issued by credit reference manager/office
acknowledging finansual status, credit history, credit
applicant scoring, including customer
current
account bank statements, wage slips, P-60 form,
employment contact or other income documents;
2.
certified copy of identification document;
3. power
of Attorney as per Bank sample issued in favor of
domestic entity, to be notary certified in Bulgaria or
abroad, respectively translated/legalized or
certified
by means of apostil;
4. certified
declaration for civil and property status of the credit
applicant pursuant to bank sample;
5. preliminary
sale-and-purchase agreement signed by the customer or by
the attorney consisting of property description and
credit deal parameters;
6. other documents required
for the reasons of credit assessment, local analysis of
the existing collateral and the astimation of the
property market value according to
the tarnsaction
specificity.
When the contract
is to be completed by co-borrowers, each of the credit
applicants shall submit the income evidence documents
required by the Bank along with the
relevant credit
reference score.
The Bank shall
be entitled to reqesting on demand additional documents
related to the legal status of credit applicant,
property seller or the property subject the
the
sale-and-purchase deal upon existance of
circumstances requiring additional investigation on the
credit application. Upon discrepancies encountered with
regards to the data submitted in
advance, the Bank
shell be entitled to reject assessment of the mortgage
credit application
| 
