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.
- 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.
- 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.
- 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.
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.
- 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.