What you need in order to get a mortgage in Bulgaria
Even if you're not a Bulgarian citizen, you can get a mortgage from a bank in Bulgaria. The first thing you need to do is arrange for an evaluation of the property's market value. This determines the maximum amount of the loan: it can amount to as much as 80% of the property's market value (but no more than the actual purchase price), up to a limit of 100 000 EUR.
A mortgage can then be paid in equal monthly installments, at a fixed interest rate (between 8% and 12%) for the first several years, and then at a rate of 6M Euribor + 6 to 10% for the remaining period. The borrower should have a bank account in Euros, which should contain a deposit of at least 12 monthly installments.
Mortgages are not available for citizens of any of the following countries: Myanmar (Burma), Cuba, Iran, Syria, Democratic People's Republic of Korea (North Korea), Belarus, Cote d'Ivoire, Iraq, Congo, Liberia, Sudan or Zimbabwe.
- The mortgaged property should be the one you're buying, and it should be a residential or commercial building of solid construction (including panel/prefab construction). You cannot mortgage a land-only property.
- The property should be located either in a district centre (e.g. Varna, Bourgas, Dobrich, etc.), in a nearby town or village with a developed property market, or in a national resort (e.g. Golden Sands, Sunny Beach, Albena, etc.).
- The age of the applicant should be no less than 26 years old, and the sum of the applicant's age and the payment term should be no more than 70 years. If the applicant is married, their spouse is regarded as a co-borrower.
About the applicant
- Copy of identity documents (ID card, passport) for applicant and spouse.
- Legal statement of applicant's regular income, recent bank statements, etc. (optional)
- Citizenship certificate issued by the country where the applicant is resident. This can be a legalized document (apostille), or a state-issued marriage certificate.
- Loan application form
- Bank's questionnaire
- Payment order for the deposit
About the property
- Preliminary contract for purchase
- Copy of the seller's Act of Notary (Notary Deed) for possession of the property, as well as previous deeds for last 10 years (if any)
- Up-to-date tax evaluation of the property
- Up-to-date plan of the location of the property
- Certificate from the Agency of Records
- Construction permit
- Construction line protocol
- Architectural designs + explanatory notes
- Price from builder/seller — table of ideal parts
- For Act 14 properties: Certificate for degree of completeness
- For Act 15 or Act 16 properties: Exploitation permit
Our mortgage assistance fee:
100 € will pay for a consultant to work with you for arranging the mortgage.