Bulgaria Reals

Mortgages in Bulgaria

 

First Investment Bank was founded in 1993 in Sofia, Bulgaria's capital city, and owns a full banking license for domestic and international operations. The bank has 88 branches across the country, and operates internationally in Albania and Cyprus.

In 2004 First Investment Bank was once again among the leading financial institutions in Bulgaria. Despite growing competition in the local market, the Bank continued its extensive growth and managed to increase its market share and improve its financial indicators. FIBank successfully continued to establish its reputation as an innovative institution, whose main philosophy and priorities focus on the high quality of service offered to the Banks customers

FIBANK Mortgages Features:

Max Loan to value: 70%-80%
( The maximum percentage of the purchase price that the mortgage company will lend. )

Income Calculation
( 1.5 x monthly payment after net income minus loans )

Staged Payments
( Not Available )

Mortgage: Repayment; Interest only
( Mortgage available on capital repayment, interest only is available for the first 6 months )

Notary Deed
( At least the loan amount )

Property Types
( All types of property /loans available for BG LTD companies/ )

Repayment Term: 1 to 20 years
( The mortgage can be any period between 1 and 20 years. )

Redemption:
( If you repay a part of your loan not following the instalments plan a redemption penalty will be charged. 2% is charged when you repay up to 3 times the amount of the loan divided by the term of the loan (in months) for a period of a month. Every repayment larger than this amount is charged with 5%. A minimum amount of 500 euros, but not less than one instalment. )

Loan currency : Euro/ BGN an USD only
( The mortgage is in either euros /BGN/ USD )

Loan amount, Total credit:
( No Limit )

Interest rate:
( 70% LTV - 5.99% 1st year then 8%
80% LTV; 5.99% 1st year then 9.5% )

Bank Account: Mandatory
( Applicants must create a bank account with the lender. )

Building Insurance:
( The Bank pays for the buildings insurance ( approx cost 200 euros) )

Management Charge:
( 2% payable when the mortgage commences )

Commitment Fee:
( 0.5% if the loan contract has been signed but then the mortgage is not completed )

Valuation Fee:
( £200 )

BHL upfront fee:
( £150 )

BHL Application fee:
( £150 )

POA Fee:
( £75 )

BHL completion fee:
( £200 )

Annual Management Fee:
( £50 )




Piraeus Bank in Bulgaria is a universal commercial bank fully licensed by the Central Bank to make deals home and abroad. Their mission is to give the best possible answer to the banking needs of three major groups of clients: corporate clients, SMEs and individuals, while considering the specific requirements of each customer. Piraeus Bank is actively involved in financing the small and medium business in Bulgaria. By supporting this sector, the bank aids in job creation, gives companies a competitive edge, and contributes to the economic development of the country.