Mortgages in Bulgaria

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Mortgage rates in Bulgaria are higher than in other European countries, and local banks provide relatively small loans.

Maximum loan amount	60-70% of the property's market value
Maximum loan sum	300,000 lev*
Fixed rates	8.5-9.5% per annum
Loan term	5 to 20 years
Minimum age of borrower	21
Maximum age of borrowerby the end of the loan term	60 for men and 65 for women

*As of 30 January 2017, 1 US dollar amounted to 1.83 Bulgarian lev

Documents

To obtain a mortgage loan in Bulgaria, you need to submit the following documents to the bank:

passport copy
marriage or divorce certificate (if applicable)
certified bank statements for the previous six months
letter confirming the absence of outstanding loans
letter of recommendation from the applicant's bank
tax returns for the previous year
payslips for the previous six months, certified by the employer
property ownership certificate
pre-sale property contract
no-lien certificate for the property, i.e. proving there is no seizure or pledge

All foreign-language documents should be submitted in their original language with a translation into Bulgarian.

Loan applications usually take 1-2 weeks for approval.

Extra costs

The costs incurred by the borrower when formalising a mortgage in Bulgaria amount to about 200 leva. There are also additional life and property insurance payments of about 5,000 leva per year.

Property appraisaland Due Diligence	120-140 leva
Compulsory property insurance	About 1,000 levaper annum
Compulsory applicantlife insurance	About 4,000 levaper annum
Mortgage arrangement fee	60-80 leva
Early repayment penalty	2-3% of the remainingdebt amount

Property buying guide for Bulgaria

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