Mortgage lending in Bulgaria

The benefits of obtaining a mortgage loan in Bulgaria:

• The opportunity to become the owner of the Villa, apartment or holiday home in Bulgaria now, not waiting for the moment when the accumulated the required amount.
• When making a mortgage loan for a company in Bulgaria, the Bank pays 20% VAT (according to the Bulgarian legislation the value added tax is returnable, the borrower receives a substantial amount to repay the loan).
• Every month the buyer pays for their own, and not someone else's (rented) property, and monthly rental apartments in Sunny Bulgaria corresponds to the amount of the monthly payment on a mortgage.
• Being a property owner is a foreign buyer receives the multi-visa to Bulgaria for a period of 5 years and may, if desired, to obtain a permanent residence card (permit for permanent residence);

Conditions for obtaining a mortgage in Bulgaria:

• The initial payment to purchase real estate from 20 to 30% of the amount of the object (depending on Bank);
• Help pit-2;
• The required annual income from an applicant for a mortgage loan in Bulgaria (for Moscow – 20 000 Euros, for other cities of Russia and CIS – 10 000 Euros), which is documented;
• Help/document on the credit history obtained from "the National Bureau of credit stories";
• Age of the candidate for a mortgage loan in Bulgaria – older than 21 years of age and under 65 years at the time of completion of payments.

ATTENTION! Formally, the Bulgarian banks are willing to work with foreigners, but in fact set almost insurmountable barriers to obtaining a mortgage. The reality of the Bulgarian market is that to get a mortgage in Bulgaria natural person who is a citizen of Russia and the CIS, is almost impossible.

Banks tend to take from the Russians and other foreign nationals application for a mortgage with necessary documents. For consideration of the application will be charged a fee in the amount of 100-200 EUR, but a positive decision will be made only in 1% of cases. At acceptance by Bank of a negative decision, the money is not returned to the applicant.

Theoretically, the mortgage can be issued to a legal entity, but it is an expensive, unprofitable for the borrower and a rather long procedure. Moreover, it is unlikely the adoption of a positive decision on a mortgage loan for a legal entity, whose founders are foreign citizens.

We publish this information because we know about it based on our experience and I want to protect you from lost dreams, lost time and money.

Effective alternative mortgage

Optimum alternative mortgage loan is the installments from Bulgarian developers. This is a more affordable option that allows Russians and other foreign nationals on favorable terms to purchase an apartment in the mortgage in Bulgaria.

Here are the main proposals of the developers that recent years consumers are:

• up to 12 months – interest-free rate;
• up to 2-3 years (for some systems) – non-interest bearing rate;
• over 3 years - from 3% to 7% on the balance.

Almost all complexes are required to contribute 30% of project cost.

If You have any questions regarding buying property in Bulgaria a loan, call us by phone +7 495 544 50 28!