In case you can make an initial payment of 20% of the sale price of the property and wish to apply for bank financing, then, you should consider the main requirements for the preliminary stage of credit approval:

• Be an adult and capable of working person up to 65 years of age
• Have a proven solvency*
• Have a permanent residence in the Republic of Bulgaria
• Have no overdue state and municipal debts – to be declared in the loan request.

*solvency is determined based on:

• Your average net wage income for the last 6 months
• Your average monthly income after tax return and other obligations
• Additional income from rents, pensions, etc.

The second stage for granting preferential financing includes preparation of the following documents:

• Mortgage loan request from the bank
• Document disclosing the monthly salary issued by the employer (to be used only by the bank)
• Written consent from the employer regarding the transfer of the salary
• Document for the additional incomes
• A copy of the notarial deed for the property to serve as a collateral
• Preliminary sale and purchase contract for the property
• Tax assessment certificates disclosing that property tax liabilities are paid
• Certificate of marital status
• Certificate of the presence or absence of obligations