The situation in Bulgaria has improved last years, and now banks offer mortgage loans even for unemployed, under the same conditions as for workers. But applicants will have to prove their incomes from abroad, according to ee24.com citing monitor.bg.
Not long ago, banks were hesitant to provide mortgages for the purchase of property in Bulgaria to those who did not earn a living in one of the EU countries. Some banks were offering this opportunity, but on less favorable terms. According to Tihomir Toshev, head of a consulting company, self-financing was usually amounted to 70% and the interest rate - to 8.7%, against the standard 6-7%.
Now almost all the banks place on equal footing local workers and those who receive salaries abroad. The latter include mainly Bulgarians with incomes from Russia and the United States. They account for about 1% of the total number of issued mortgage loans in Bulgaria.
Recall that the average borrower in this country earns €500-1,000 a month , and for the purchase of real estate he lacks €33,165, which he gets from the bank.