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Mortgage programs and banking conditions: new opportunities for customers of traditional real estate

14-03-2025

In Bulgaria, the terms of mortgage lending have been updated, which opens up new prospects for those wishing to purchase real estate in Bulgaria . The country's leading banks have significantly reduced interest rates, offering more favorable conditions for borrowers. The registration procedure has become simpler and faster, which allows you to speed up the process of obtaining a mortgage.

In addition, new mortgage programs have emerged that are aimed at supporting people who are looking for stable and affordable housing. The state and financial institutions actively support this initiative. This increases the demand for traditional housing in the country.

The changes open up wide opportunities for those who have long planned to purchase real estate and create additional incentives to stabilize the housing market in Bulgaria.

New programs

Let's look at the conditions of the new programs and compare them with the previous ones:

1

Requirements for borrowers:

  • Age: from 18 to 65 years.
  • Length of service at the last place of employment: minimum 6 months.
  • Source of income: stable and officially confirmed (salary, business).
  • Credit history: preference given to borrowers with a good credit reputation.

Earlier:

  • Age: from 25 to 60 years.
  • Length of service at the last place of employment: minimum 12 months.
  • Source of income: stable, but the requirements for documents were more strict.
  • Credit history: preference given to borrowers with an impeccable credit history.
2

Credit terms:

  • Interest rate: from 3.5% to 4.5% depending on the amount and term of the loan.
  • Down payment: from 10% to 20% of the property value.
  • Types of mortgages: standard mortgage, government-backed mortgage, adjustable-rate mortgage.

Before update:

  • Interest rate: from 5.5% to 6.5%, depending on the bank and conditions.
  • Down payment: from 15% to 25% of the property value.
  • Mortgage Types: Standard Fixed Rate Mortgage only.
3

Loan terms:

from 5 to 30 years.


Previously: The maximum term was 20 years.

4

Possible funding amounts:

from 50,000 to 500,000 euros depending on the bank and type of property.


Before the update: up to 400 thousand euros.

Benefits for Traditional Property Buyers (if you can fit in 4 boxes)

1. Access to more favorable credit conditions
  • Lower interest rates make mortgages cheaper.
  • Increasing the loan term allows you to reduce monthly payments.
  • Flexible conditions (fixed and floating rates) help you choose the best option.
2. Possibility of purchasing real estate with a smaller initial investment
  • Reducing the down payment to 10% makes it easier to enter the real estate market.
  • Increasing the financing amount to 500,000 euros allows you to choose housing without any cost restrictions.
  • The availability of government support reduces the financial burden on the borrower.
3. Optimized loan repayment terms
  • Extending the loan term to 30 years makes mortgages more affordable.
  • Flexible payment plans allow you to choose a comfortable repayment schedule.
  • Reducing the interest rate reduces overpayments for the entire loan period.
4. Stability and predictability of expenses
  • Favorable banking conditions allow you to plan payments in advance.
  • Fixed rates provide protection against sharp market fluctuations.
  • More affordable mortgages make home ownership a reality for a wider audience, such as young families.

Lower interest rates, simplified registration procedures and extended credit terms make buying real estate in Bulgaria more accessible than ever. If you have long planned to buy an apartment, house or apartment, the new mortgage programs provide an excellent chance to do so.


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Anna (Ukraine)

I would like to express my deep gratitude to BolgarskiyDom for its

Read full 03-12-2024
Galina (Russia)

The company that was recommended to me is wonderful guys. They found

Read full 23-07-2024
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