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Housing Bridge loan
Bridge Loan can be used by customers who want to purchase a new residence while selling another real estate property.
Who is “Bridge” housing loan for?
 
The “Bridge” Housing loan has been designed to finance the purchase of real estate for mature Bulgarian citizens:
  • With regular income from labour relations or/and pension
  • With regular income from management contracts
  • With regular income from practicing a free profession (doctors, lawyers, notaries)
  • With regular income from practicing an activity such as SP

 

What is the “Bridge” housing loan?
 
Bridge Loan can be used by customers who want to purchase a new residence while selling another real estate property. Thanks to Bridge Loan, the customer can receive an amount up to 100% of the value of the new property. This amount includes a Bridge part up to 70% of the evaluation of the property liable to be sold.

The Bridge part replaces the initial participation of the customer and must be equal to at least 30% of the value of the acquired property.After granting the loan, the customer has 12 months in order to sell the old property and repay the total amount of the Bridge part without any penalty fee. During this period the client pays only interest over the disbursed amount.

 
Loan amount
  • Min. 5000 BGN /or equivalent in USD or EUR/
  • Max. – up to 100% of the market value of the purchased property, which is confirmed by an appraiser approved by the bank.
 
Loan Currency
  • BGN or EUR
 
Term
  • From 3 to 30 years
  • Up to 12 months grace period (“Bridge” period) in order to sell the old property and to repay the total amount of the Bridge part without any penalty fee.
     
Guarantees
  • First order mortgage on the property to be acquired, or other real estate;
  • The borrower is required to have an insurance „Life and Permanent and Total Disability (PTD)”;
  • The borrower is required to have an insurance on the mortgaged real estate;
  • The borrower is required to have insurance on the old real estate for the “Bridge” period.
 
Interest rate

The variable annual interest rate for your housing loan is a sum of the 3m. SOFIBOR for BGN and the 3m. EURIBOR for EUR
and addition, added to your loan contract. 

You can obtain more information for the current values and methodology for
calculation of the referent indexes for the page - Interest rate policy on credit products.
 
Repayment mode
  • The housing loan will be repaid in equal monthly instalments
  • The borrower may at any time repay pre-term any part or the total loan amount due. In this particular case, a penalty interest will be collected according to the Societe Generale Expressbank Tariff.
 
Fees
 
“Bridge” housing loan allows you:
  • To buy new real estate without waiting for the sale of the old one.
  • This credit gives you 12 months in order to sell the old property at the best price.
 
Main benefits:
  • Amounts up to 100% of your project value, without restriction for a maximum amount of the loan, no restrictions for the period of a house-usage and type of construction
  • Maximum duration of the loan is 30 years with 12 months “Bridge” part
  • No fee for repayment of “Bridge” part
  • No fee for study of documents
  • No annual maintenance fee
  • Transparent interest rates through the whole repayment period
 
How to apply for “Bridge” housing loan?
 
Required documents
 
For people with income received under labour contract:
  • Salary slips for the last 3 salaries, signed and stamped by the employer
  • Copy of a labour contract, signed and stamped by the employer
  • Reference from the lending bank, in case the person is a borrower of other loans or guarantor to a loan
 
For people practicing liberal professions and activities such as sole traders:
  • Tax return for the last taxation period
  • Accounting statements for the last reporting period, if any
  • Statement of the accounts to which the income is received
 
Documents concerning the deal:
  • Preliminary contract for purchase of real estate
  • Documents proving the real estate's ownership of old construction
  • Market appraisal of old real estate by an appraiser approved by the bank
  • Market appraisal of purchased real estate by an appraiser approved by the bank
 
Documents concerning the mortgaged real estate:
  • Documents proving the real estate's ownership
  • A certificate proving the lack of charges and mortgages
  • If necessary, the bank reserves the right to require the presentation of additional documents
 

Further information can be obtained either from our bank consultants on tel. 0800 18 888.