Renovation and Adaptation Loans

Description:

Loans for renovation or adaptation of house/apartment are short to long-term loans intended for the clients who receive the whole or partially regular monthly income (salary/pension) on the transaction account opened with the Bank. This type of product includes transfer of funds to the account of supplier/investor/constructor opened in the Bank, while up to 50% of the approved amount may be disbursed on the account of the client.

Main Features of the Loan:

  • Up to 50.000 EUR
  • Maturity (repayment) term from 12 months to 180 months
  • Nominal Fixed Interest Rate from 7,25% pa.
  • Effective Fixed Interest Rate from 7,97% pa.
  • Administration fee for the loan is from 1,00% of the loan amount
  • Based on risk assessment of the client, possibility of approval without mortgage and guarantor up to 15.000 EUR.

Main Collateral Elements Required:

  • Permanent labor contract with proof of regular payment
  • Administrative Salary Ban on the regular salary of the loan applicant
  • Bill of exchange of the loan applicant and/or guarantors
  • 1st rank mortgage on the property subject to loan with coverage of the full loan amount after discounted value of the official estimation price
  • Life insurance policy endorsed for the use of Bank (Based on risk assessment)
  • Other collateral items that are deemed appropriate by the Management of the Bank
  • (Bank reserves the right to accept alternative collateral items based on its risk assessment of the loan applicant)

Required Documentation:

  • Loan application
  • Confirmation of employment status by the employer
  • Administrative salary ban
  • Authorization for enquiry at Regulatory Credit Bureau
  • Estimation report of immovable/s subject to mortgage
  • Insurance policy of the immovable subject to mortgage endorsed for the use of the Bank