Do you think the mortgage loans market is reviving?

It is reviving but very slowly and gradually. There is interest but the growth of the real sales made is moving at a slow pace.

What people are looking for a mortgage loan?

Basically these are people of active working age (up to 40 years) who wish to purchase a home for their own needs - young families, partners living in cohabitation or families who are expecting their second child. Most often they work in the field of information technologies services or finance.

What is the amount of the most preferred mortgage loan?

The amount of the most preferred mortgage loan remains the loan in the amount of 30 000 EUR to 40 000 EUR.

Are most mortgage loans granted for purchase of property in Sofia?

Yes.

What are the most preferred housings (new / old building, what size, is there a garage, etc.)?

When buying a property the demand is mainly for housing of new construction, we also have a lot of applications for purchase of individual houses. Demand for prefabricated housing is less and usually when the customer income is only sufficient for a smaller mortgage loan.

Could you please specify the minimum monthly income needed for granting the most preferred mortgage loan?

First Investment Bank granted mortgage loans on preferential terms until 30th June this year, and the benefit is the fixed interest rate for the first year of 5.5% and free property insurance for the entire period of the loan, which saves a lot of money for borrowers. Presently, all submitted applications for mortgage loans are free of application fee and we have no fee for early repayment with borrowers’ own resources for the entire period of the loan. The minimum monthly income is individual for each customer according to their needs starting from 700 EUR.

What purpose other than house purchase are mortgage loans demanded for at the moment?

Mainly for house purchase but also for repair and ongoing needs of property already purchased.

What are your expectations for the development of mortgage loan market by the end of the year?

Since the beginning of the year we see gradual increase in demand for housing loans, although the growth is still relatively small. For most customers to receive a mortgage loan is very important and they treat it with the due seriousness. We are witnessing increased financial culture of customers - a detailed introduction and a careful evaluation of all conditions under the loan agreement.

Customers are also very careful when choosing a home – they require much more information from sellers, brokers, and they conduct their own research.

The increased demand is driven by the attractive offers on the real estate market and due to the interesting proposals for mortgage loans by banks. I think this trend will continue until the end of the year.