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Mortgage credit for current needs
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Credit purpose
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The purpose of the credit should be connected to a residential property based on a customer’s statement – acquisition, repairs, reconstruction, it is also possible to grant funding for refinancing of mortgage and consumer credits, which are related to a residential property.
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Currency
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BGN and EUR
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Credit amount
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Minimum amount – 5000 BGN/EUR
Maximum amount - BGN 500 000 / EUR 250 000
1. For the full responsibility option:
Up to 85 % of the property’s market value for monolithic construction
Up to 70% of the property’s market value for panel construction
2. For the limited responsibility option:
Up to 55% of the property’s market value for monolithic construction
Up to 50% of the market value of the property, accepted as collateral if the property constitutes a prefabricated concrete construction (panel construction)
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Credit repayment period
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Minimum period - 1 (one) year (12 months)Maximum period - 30 (thirty) years (360 months)
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Option
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1. "Full responsibility" – if the customer is responsible with his entire property
2. "Limited responsibility" – if the creditor is satisfied up to the value of the immovable property used as a collateral
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Collateral
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Liquid fully finished immovable property, owned by the borrower/co-debtor or a third person – apartments (including adjacent premises/garages), houses, studios, garages along with their shares of the land or the right to build.
First-ranking mortgage on residential property in favour of Municipal Bank for the acceptable property collaterals. The mortgage may also be a second or subsequent-ranking mortgage if the previous mortgages are also in favour of Municipal Bank and guarantee receivables of the credit applicant/co-debtor.
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Credit repayment
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Equal monthly annuity payments, including principal and interest, repayment schedule with equal instalments on the principal and a decreasing interest.
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Annual interest rate
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The BGN and EUR credit’s annual interest in is based on the 6-month EURIBOR plus a fixed surcharge.
Updated information about the credit’s annual interest rates could be found in the Bulletin on the interest accrued by Municipal Bank AD on transactions with individuals
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Fees and commissions
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1. Commission for analysis of the creditworthiness and collateral;
2. Commission for renegotiation of the conditions in case of change of interest rates;
3. Fee for property collateral evaluation/revaluation - according to the tariff of the appraiser company;
4. Fee for verification of the collateral in the property register;
5. Fee for mortgage deletion
Updated information about the interest rates, fees and commissions could be found in the TARIFF of Municipal Bank AD for interest rates, fees and commissions applicable to individuals
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Other costs
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Notary fees for establishing, renewing, changing and deleting the mortgage and the state fee for registering the mortgage.
Property insurance of the loan collateral.
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Annual percentage of charges
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Credit amount
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Interest rate
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APR
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Period
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Monthly
instalment
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Number of instalments
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Total costs for the credit
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Total amount due
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100 000
BGN
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2.778%
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2.89%
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30 years
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409.73
BGN
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360
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48 540.48
BGN
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148 540.48
BGN
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Fees, commissions and other costs, which are included in the total costs for the credit:
- Annual interest rate – 2.778%
- One-off commission for analysis of the creditworthiness and collateral – 0.50 %
- Fee for preparation of a mortgage deletion application – 60 BGN
- Fee for verification of the collateral in the property register – 12 BGN per year
- Fee for property collateral evaluation – 120 BGN
*The APR calculations do not include the costs for the establishment, release and renewal of mortgage, evaluation, revaluation and insurance of the collateral.
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Additional services
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Maintenance of a current account with the Bank throughout the term of the loan agreement, intended for utilization and repayment of the loan
The bank requires the consumer to conclude and maintain a property insurance policy for the immovable property used as a collateral for the entire credit term.
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Bonus
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Life insurance at the expense of the bank
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Necessary documents
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Credit application;
Identity documents, including of the credit applicant/spouse, co-debtor, respectively third indebted persons, who have provided their immovable property as collateral;
Documents proving income based on a bank form;
Documents regarding ownership and evaluation of property, mortgage establishment, purpose of financing and credit use;
In case of refinancing the applicant should provide documents regarding the credit in the other bank.
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