Mortgages in Romania for foreign citizens ....
Low interest rates
Until very recently, foreign (non-Romanian) citizens were virtually prohibited from investing in Romania, including purchasing a second home, with the help of a mortgage. This lack of ability to leverage investment funds has proved to be a major deterrent to many foreign investors.
Romania Report can now is able to offer investors flexible financial solutions for a range of investment choices.provide qualified foreign investors and relocaters the opportunity to pay as little as 25% down with very favorable interest rate terms on mortgages up to 40 years in duration and flexible financial solutions for a range of property investment choices.
If you want to make the most of your personal or investment real estate, you should consider using a mortgage product . That means that your initial costs stay low while the potential for capital gain is high.With house and appartments prices predicted to rise in certains arias by between 10% and 25% in 2008 alone, using a mortgage to leverage your purchase means that investment potential in real estate in Romania is very promising indeed.
Romanian property mortgages are available to most foreign citizens with conditions similar to those in there home country. Certain off-plan/pre-construction developments are qualified for mortgages. Mortgages are issue by a Western European bank. It would also be important to look for the best home insurance policies that may work for you.
Please find below the general Romanian property investments requirements:
1. Minimum duration of mortgage 5 years, maximum 30 years
2. Evidence of deposit required on all cases
3. Application fee payable on submission of the Romanian Property Mortgage Application
4. Copy of the sales preliminary purchase agreement required
5. Minimum age 21; maximum age at maturity of loan – 75
6. Competitive interest rate averaging 7.5% per annum calculated according to formula found under "Conditions of Credit."
7. In most cases principal bank account may be held in country of residence while collateral will be Romanian property.
8. Minimum length of employment for employed applicants – 3 months on a permanent basis, for self-employed – 3 years trading
9. Last 12 months proof of residential mortgage payments (rental payments for tenants)
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