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)
- 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