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Mortgage loans for non local individualhome
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The conditions and requrements for mrtgage loan given below are part of the personal banking policy of Bulbank Unicredit Group.For more information on this issue you should contact its representatives at following URL: http://www.bulbank.bg
| MORTGAGE LOAN FOR NON LOCAL INDIVIDUALS | Terms | Tertms | Currency | | Amount | - Up to 65% of the collateral value, calculated by authorized appraiser.
| Subject | - Purchase of living area (house/apartment)
| Utilization term | - Up to 3 month from the contract signing date
| Term | - Up to 15 years without grace period
| Way of Repayment | - Annuities
- Decreasing interest payments and constant principal
| Interest rate | - interest rate for whole maturity of the loan 6,88%
- fixed interest rate for the whole maturity of the loan(for loans in Euro only) 8,68%
| Fees | | Discount | - At purchase of Bulbank packages.
| Collateral | - Mortgage on a real estate with market value to secure realization of above mentioned conditions for loan amount defining
- Cash collateral - deposit of min. 12 month installments (interest and capital including) blocked in BULBANK debt service account. Upon the request from the client, the amount is possible to be reconsidered every year.
- The above mentioned collaterals are mutual requirement for loan funds utilization
| Requirements concerning the servicing | - In case of delay (principal and interest monthly repayments). Two ways of managing the debt service account (DSA):
- With 7 days delay in payments – to send an invitation letter to the client/ the representative to repay.
- 31 days of delay – the debt is declared immediately due and a procedure for cashing collateral starts. The Bank stop the process with client repaying all due amounts
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Main conditions/ requirements for using the loan | - Customer age at maturity to be max. 60 years for female and 65 wears for male.
| - The monthly repayment amount (principal and interest including) should not exceed 20% of the net monthly incomes of the applicant.
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Specific requirements for using the loan | - The mortgaged property need to be ready for use – Akt 15 ( as per the building local regulations) is need to be issued.
| - Delegation – an agreement for delegation between the borrower and local real estate or other specialized company (representative) is should be concluded. The last is possible to be made individually or trough specialized real estate foreign company (foreign partner).
| - Letter of attorney – an explicit letter of attorney for procedural representation especially designed by Bulbank parameterized the representation for the real estate sale.
| - Only as exception, the legal representative could be normal sole individual, but only provide s/he is approved by the Bank
| - The local companies or individuals in capacity of representative has to be previously approved by the Credit Council as suitable for cooperation.
| - The insurance “Life” is not required for individuals not permanent residents in the Country.
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| Necessary documents | Documents | Specific requirements | - Application form – especially designed by Bulbank
| | | - Certified by notary (in case of foreign notary the Apostille* is required)
| | - Original and photocopy. The original will be returned after verification.
| - Address confirmation (permanent end temporary address registration).
| - As an element of the Bulbank Application form.
| - Last 3 month salary from employer(last 3 months salary slips), statement of income source, which income is expected to be received during the loan contract
| - Original and photocopy(notary certification is not required). The original will be returned after verification.
| - Last year or 6 month bank statement on accounts movement and deposit
| - Original and photocopy(notary certification is not required). The original will be returned after verification.
| - Statements on individual investments (only on client initiative) – in pension funds, mutual funds, sovereign debt securities, and other securities
| | - Preliminary (at least) contract for real estate purchase
| - Original, certified by notary and photocopy. The original will be returned after verification.
| - Tax declaration for the last year.
| - Original and photocopy (notary certification is not required). The original will be returned after verification.
| - Licensed expert evaluation of the real estate collateral.
| - Original and photocopy. The original will be returned after verification.
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*As per Hague Convention from the 5 October 1961.
The Convention shall apply to public documents which have been executed in the territory of one Contracting State and which have to be produced in the territory of another Contracting State.
For the purposes of the Convention, the above mentioned documents are deemed to be public after notary certification. Sofia
January, 2006
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