Bulgarian Mortgage

EIBANK provides a long-term and simultaneously flexible financing in reference to amount, term and interest rates of the loans.

The mortgage loans offered by EIBANK are special-purpose loans, intended for:

• Purchase of completed real estates;
• Purchase of real estates in a process of construction;
• Construction;
• Completion, reconstruction, repairs and improvements of real estates;
• Refinancing of mortgage loans extended by other banks.

 
Mortgage loans are extended under the following general terms and conditions:

• Maximum amount of the loans extended – up to 90% of the market value of the mortgaged real estate;
• Possibility of choosing the loan’s term: from 5 to 30 years;
• Diversified interest rates, fees and commissions depending on the financing option chosen;
• Possibility of choosing the type of currency: Bulgarian levs or Euro;

 
*Real estate’s valuation shall be carried out by a licensed assessor specified by the Bank.

Security on the mortgage loans:
 
The mortgage loans are established on a first in line mortgage:

• Legal or conventional mortgage on the real estate, target of the transaction;
• Conventional mortgage on another real estate, property of the potential borrower or of a third person;
• Conventional mortgage on the right of construction and / or on the terrain which the construction and assembly works, financed with the loan’s funds, shall be carried out on;
• More than one real estate may serve as a security.

To apply for a loan, you have to meet the following conditions:

• You are and adult and able-bodied Bulgarian citizen, having permanent residence in the Republic of Bulgaria;
• As of the date of reaching pension age, the term remaining to the full loan’s redemption shall not be longer than the half of the initially agreed term.
• You have proven your financial solvency. Upon determining the real net income of the household the Bank analyses all incomes irrespective of their character, origin and source.    

Loans’ repayment:

• The loans’ repayment shall be executed according to the way chosen by the borrower:

1. in monthly annuity installments including a principal and an interest.
2. in equal monthly redemption installments under the principal and reduction of the due  interest.

• The loan may be redeemed earlier – partly or in full. Early partial redemption is allowed for amount that is not less than BGN 1 000 or their equivalence in Euro.
• In case of partial redemption the borrower may chose between one of the following possibilities:

1. to keep the deadline of the loan’s redemption unchanged and reduce the amount of the monthly redemption installment;
2. to reduce the deadline of the loan’s redemption and keep the amount of the monthly redemption installment unchanged.

• In case of early partial or full redemption the Bank shall collect fee on the amount of the sum redeemed, determined depending on the option chosen.

 
Insurances:

• The real estates accepted as a security are insured in the Bank’s favour by the borrowers;
• EIBANK does not require Life insurance of the borrowers.

Interest terms and conditions:

    The interest rates on mortgage loans extended are formed by Bank Interest Rate (BIR) plus a fixed mark-up. In case of change in BIR the customers shall be announced by means of notifications placed at generally accessible places in the bank halls or published in the mass media.
    In case of non-compliance with the way of repayment negotiated, the Bank shall impose sanctions against the borrower by levying penal interest.