Finance

Most commercial banks in Romania are authorized to offer mortgage facilities to local as well as foreign applicants to assist in the purchase of their property. Key 4 Romania, takes advantage of its strong relationships with most of the local banks, and in an attempt to reduce finance costs for its customers as well as to speed up the application process, has managed to set up special finance schemes

General Information :

• The loan can be granted in Foreign Currency (e.g. USD, EUR, GBP, LEU ETC)
• For a loan in Foreign Currency the maximum repayment period can be 15 years.
• For a loan in Romanian currency the maximum repayment period can be 25 years.
• The maximum loan amount will be 70% of the value of the purchased property.
• In exceptional cases and especially for first time buyers the amount can be 80% of the value of the purchased property (depending on the credit rating of the customer).
• The loan is repaid by monthly or quarterly instalments.
Securities:

For the majority of its projects Key 4 Romania has managed to set up finance schemes with local banks with minimal security requirements resulting in substantially lower costs.

Assignment of the Purchaser’s rights deriving from the Contract of Sale in favour of the Bank.

Assignment of a Level Term Assurance Policy for the initial amount of the loan and for the full period.

Documents/Information required by the banks:

• Customer’s profile (Personal details, occupation-duration of your employment contract if any with your current employers)
• Passport copies (the page with the photograph & personal information)
• Statement of existing debt (if any)
• A reference Letter from the Bank you maintain an a/c with
• Completion of the Declaration of Personal Income form
• Evidence of income either pay slip or confirmation of remuneration from your employer, or P60 or business accounts
• Purchase agreement – (will need original one when ready for loan drawdown)
• Copies of bank statements for the last three months
• Copies of payments already made by the applicant for the property
• To open and activate an account with the bank. Permit from the District Authorities

The loan amount can be released after the presentation to the Bank of the Permit issued by the District Authorities to the purchaser for the acquisition of immovable property in Romania.

Key 4 Romania offers finance advice to its clients that may wish to acquire a property through a Romanian mortgage. If you require further information or assistance in relation to the above we can fix an appointment with a Romanian finance specialist on your inspection visit.

Key4 Romania will be happy to aid and assist you in locating a suitable Mortgage product, from a reputable source, which meets all your financial requirements.