"The Right of Choice" Housing / Mortgage Loan

up to 30 years (360 months);

Mortgage on the property being purchased or another property situated within the territory of the Republic of Bulgaria

• From 2.15%, a variable annual interest rate based on the SBIR plus a margin, for the purchase of residential property, for the refinancing of a mortgage loan for the purchase of property and/or for the repayment of funds used to purchase property,  depending on the individual credit rating of each applicant, subject to the following products and conditions:

  • transfer of declared income into a current account with the bank;
  • a Visa/MasterCard credit card issued by the bank, an active online banking account and at least one utility bill payment registered via online banking;
  • a banking package;
  • ‘Peace of Mind with FiHealth’ insurance;

SBIR – the savings-based interest rate is a reference interest rate calculated for each individual currency in accordance with a methodology published by the Bank.

In accordance with the current Tariff of Fees and Commissions of FIB AD.

The fee is payable no later than the first repayment instalment on the loan.

The minimum interest rates stated apply to loan applicants who meet the Bank’s requirements, have not been in arrears with the payment of any amount due under the loan for a period exceeding 30 days throughout the term of the loan agreement, and are simultaneously eligible for all additional interest rate discounts, as follows:

• 1.00% when the declared income is transferred   to a current account with the Bank;
• 0.25% when using a Visa/MasterCard credit    issued by the bank, an active online banking account and at least one utility bill payment registered via online banking;
• 0.20% when using  „Peace of Mind with FiHealth“;
• 0.10% when using banking package and online banking

   

  The annual interest rate is determined on the basis of the credit rating and the net monthly income of the applicant(s).
  
  The interest payable by the borrower is paid periodically in amounts and on due dates as set out in detail in the repayment schedule, which forms an integral part of the loan agreement.

  Changes to the repayment schedule and the repayment instalment may occur:

  • in the event of a change to the interest rate applicable under the contract as a result of a change in the information declared by the borrower, or upon termination of the use of any of the products and services that were taken into account when determining the initially agreed interest rate;
  • in the event of a change in SBIR to an amount such that the sum of the monthly interest due exceeds the agreed repayment instalment under the current repayment schedule;
  in the event of a partial early repayment of the loan.

Example:

- for a loan amount of EUR 100,000;

- repayment term of 360 months;

- annual interest rate: 2.45% variable annual interest rate, calculated on the basis of the SBIR plus a margin.

In accordance with the specified loan parameters, and assuming that the loan is for the purchase of residential property, has been drawn down in full, is secured against residential property, the loan applicant receives their declared income into an account with the Bank, uses the ‘My Choice Online’ package, holds a credit card, uses online banking actively and has at least one utility bill payment set up via online banking, the loan applicant is required to make monthly repayments on a date of their choosing (repayment due date):

360 equal monthly instalments, each with an indicative amount of EUR 392.53.

The total amount owed by the loan applicant is EUR 143,729.30.

The APR on the loan is 2.61%.

The APR includes the following charges: an annual credit card fee of EUR 23.01, a loan arrangement fee of EUR 255.65, a monthly fee for the ‘My Choice Online’ banking package of EUR 3.50, a fee for a current market valuation report of EUR 9.20, and a mortgage discharge fee of EUR 46.02.

Additional costs payable under the loan agreement which are not known to the Bank and which are not included in the total loan costs:

• the relevant notary fees payable in respect of the creation of a mortgage in favour of the Bank;
• the relevant notary and government fees payable for the renewal and cancellation of the security interests established in favour of the Bank;
• valuation of the property;

insurance costs for the property serving as security for the term of the agreement.

Should the borrower wish to exercise their right to repay part or all of their obligations under the loan agreement early, they must submit an explicit written request to the Bank, stating the amount to be repaid early and the date on which they wish to make such repayment.

An early repayment fee of 1% of the amounts being repaid early is payable where the loan is repaid before 12 monthly instalments have been paid since the loan was drawn down. No early repayment fee is payable if repayment is made after this period.

In the event of early partial repayment, the borrower may choose one of the following options:

• reducing the amount of the repayment instalment whilst maintaining the loan’s maturity date;
• shortening the loan repayment period whilst maintaining the repayment instalment;

a combination of the two options mentioned above.

Payments that are due but have not been made on time due to insufficient funds in the borrower’s current account with the Bank shall be deemed to be in arrears, and for the duration of the delay the borrower shall owe compensation for late payment (a penalty surcharge) on the amount in arrears. The late payment penalty shall be equal to the statutory interest rate.

In the event that the borrower fails to fulfil any of their obligations under the agreement or the loan is declared fully and prematurely due and payable, the Bank shall be entitled to satisfy its claim from all security simultaneously, or from one or more of them, in the order provided for by law and in accordance with the type of liability chosen by the borrower as specified in the agreement.

The loan applicant has 14 (fourteen) days from receipt of the draft loan agreement to decide whether to enter into it.

If you decide to sell your property, which is held as security by Fibank against an active mortgage or overdraft, you could win a cash prize of up to EUR 1,000.

For more information, see here

You can plan and carry out your plans with maximum flexibility and make repayments according to your means. You have the option of re-using any amounts you have already paid in.

The overdraft period is a minimum of 1 year and a maximum of 5 years from the date the agreement is signed, after which the loan is repaid in equal monthly instalments, in accordance with the repayment schedule.

During the overdraft period, compliance with the terms and conditions for payment of the interest due under the loan agreement does not result in the repayment of the total loan amount.