Do you want to buy an apartment with mortgage? Do you work officially in the country or abroad and want to access a mortgage? In the information below you will find everything you are interested in about real estate loans, what documents you need to prepare and what are the conditions for granting credit.
Mortgages are loans from commercial banks and are intended for the purchase, construction or renovation of a property (apartment, house, land plot).
Criteria for granting a Mortgage Credit
In order to access a mortgage loan, the borrower must meet the following criteria:
- to work officially (to have an employment contract in the country or abroad),
- the income he has to be enough to cover the monthly rate (calculated depending on the price of the property, the first installment and the term of payment of the loan)
- to have a first installment from 5% to 30% depending on the type of credit.
Types of mortgages
There are currently 3 types of mortgages that can be accessed for buying a home at the moment:
“Simple” / “Standard” mortgage
To access a “Simple” / “Standard” mortgage you need to meet the following conditions:
- Official employment contract in the country
- Salary certificates for the last 3 months
- First installment of at least 10% of the real estate cost
- Loan repayment period - 30 years
Mortgage “Prima Casa”
The conditions for accessing a “First Home” mortgage loan are the following:
- Official employment contract in the country (employed by the state or privately)
- Salary certificates for the last 4 months
- First installment of at least 5% of the real estate cost
- Loan repayment period - 25 years
- The cost of real estate does not exceed 1 million MDL
- There are compensations for state employees and families with many children
- Certificate of lack of real estate for the last 12 months from PSA (Public Services Agency)
"Migrants" mortgage
People who work abroad can purchase an apartment on credit if they meet the following conditions:
- Official employment contract abroad (translated contract into romanian / russian language)
- Salary certificates for the last 3 months
- First installment of at least 20% of the cost of the property
- Loan repayment period - 30 years.
Read more about “Mortgage Prima Casa vs simple mortgage credit“
How much do I have to pay the monthly rate?
How much do I have to pay the monthly rate? One of the most common questions that people who want to take out a mortgage ask themselves.
The monthly rate differs from case to case. It depends on the cost of the property, the first installment and the repayment term. The higher the price of the property, the lower the first rate and the shorter the repayment term - consequently the monthly rate will be higher.
1st Example
Apartment price - 40,000 euros
First installment - 10% (4,000 euros)
Repayment period 20 years
The monthly rate is about 300 euros / month
2nd Example
Apartment price - 40,000 euros
First installment - 30% (12,000 euros)
Repayment period 30 years
The monthly rate is about 200 euros / month
What is the interest rate?
What is the interest rate or more popularly what percentage does the bank grant me credit? It is also one of the most popular questions.
The interest rate differs from one type of loan to another. Currently, commercial banks in the Republic of Moldova grant mortgages with an interest rate of 6 to 8%. The interest rate can be fixed or floating.
Usually people who receive their salary at a certain bank benefit from advantageous promotions regarding the interest rate, and the process of obtaining the loan is a much easier one.
What do I do if I don't have enough money for the first installment?
If you do not have enough money to pay the first installment, you can pledge another property or you can access a consumer loan.
What do I do if my salary does not cover the monthly rate?
If your salary (official income) does not cover the monthly rate then the income of the spouse as well as the official income of the first degree relatives (parents) can be taken into account.
For those who want to buy an apartment on credit, they must first determine the type of credit they will access. Are you eligible or not?
Do you have a first installment or not?
What monthly rate will you have to pay?
What is the interest rate?
Do you think there are too many unanswered questions?
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