Lending in Bulgarian banks

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Lending in Bulgarian banks


Loan extension to foreign nationals by Bulgarian banks:


и It has proved a fact in the recent years that more often than ever buyers of real properties in Bulgaria are foreign nationals. This phenomenon was the reason why banks started developing new loan products, designed especially for foreign persons (and not only for EU citizens, but also for citizens of other countries).


The terms and conditions of the mortgage loans for foreign nationals differ at the different banks. The interest rates for foreign nationals, by rule, are a little higher than those for Bulgarian nationals, and the repayment terms are shorter. This is due to the fact that loans extended to foreign nationals contain higher risks.
Both Bulgarian and foreign nationals are subject to the requirement to submit a number of documents so that the loan could be extended.  
The basic one among them is the Certificate of income. To prove the income you receive, you may submit an Employment contract, letter of employment issued by the employer, tax return form, bank reference for availability of funds in a bank account, etc. Most banks require that the documents be verified and have certified translation.   
The interest rates on loans extended to foreign nationals are a little higher than those for Bulgarian nationals and usually vary between 9 and 12%.
There are also other peculiarities in the extension of loans to a foreign national. Some banks, for instance, extend loans for purchase of real properties only for assets recognised as “highly liquid”. Other banks extend loans only in case a guarantor who is a Bulgarian national has been nominated.

The conditions of the banks are constantly updated, so refer to our consultants who will provide you with the most current information!

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