Property buying guide for Montenegro
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Mortgages in Montenegro

It is relatively difficult for foreign nationals to obtain real estate loans in Montenegro. Erste Bank is the only bank that works with foreign buyers; however, it only grants loans to foreigners who have residence permits.

"Erste Bank only issues mortgage loans to foreign citizens who have obtained their residence permits through employment (not through property purchase) and those hired under a labour contract. The terms are hard to meet: the applicant needs to be employed with a large and rather well-known organisation and have an indefinite labour agreement", said Svetlana Ryabova, a manager at CMM, Tranio´s partner in Montenegro.

Maximum LTV ratio 50%
Minimum loan amount €10,000
Maximum loan amount €400,000
Rates 4-5% per annum(in EUR)
Loan term 3 to 20 years
Maximum age of borrowerby the end of the loan term 67-75

Documents

Mortgage applications in Montenegro require the following documents:

  • mortgage application
  • passport copy
  • proof of income: income certificate for the previous three months or bank statements for six months
  • mortgaged property value assessment
  • mortgage insurance certificate.

Borrowers must also have an account with the bank they apply to.

All foreign-language documents must be rendered into Montenegrin by a certified translator.

Loan applications can take several weeks for approval.

Extra costs

Borrowers also cover mortgage arrangements and pay annual insurance fees.

Property appraisaland Due Diligence
Property insurance Subject to property value
Mortgage arrangementfee 1% of the loanvalue

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    Property buying guide for Montenegro
    Article 3 of 6
    Tranio’s managers offer advice on buying real estate in Montenegro
    Svetlana Larionova
    Svetlana Larionova
    Real Estate Expert
    +44 17 4822 0039
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