Mortgage For Buying Property In Bulgaria

Buying a property in Bulgaria through mortgage is a very popular option. A lot of people used it in the period 2000-2009. After this period due to the economic crisis there was a decrease in the mortgages which made the banks think of better offers. At present the annual interest rates for such loans are around 6-7% and the Bulgarian banks are more than happy to loan money as a mortgage to foreigners. That is in case of course they supply all the documents needed for such mortgage. There are a few important things you need to know before starting the procedure. You should have in mind that the Bulgarian banks do not grant the full amount needed to buy the property. Usually you can get credit which is equal to 60-90% of the property value. In most of the cases this amount is 80%. The rest of the amount should be financed by you.