Buying real estate in installments is very popular in Bulgaria.
Installment is a period specified in the preliminary contract of sale of real estate, during which the full payment of the property price is made.
Usually, the entire installment period in the contract is divided into dates of specific payments. The frequency and size of payments are individually negotiated between the parties involved in the transaction. However, there is a standard payment plan, which roughly follows the following scheme:
The first payment is 10-30% of the property value.
And the remainder of 70-90% of the property price is divided into equal payments with an interval of approximately 4 months. The installment period ranges from 1 year to 10 years. It depends on the conditions offered by the developer company.
You can buy real estate in Bulgaria on installment terms for up to 3 years without any increase in price. This type of installment is called interest-free. Another type of installment is with interest on the remaining balance. This type of installment is applied when the period exceeds one year. The interest rate depends on the installment period. The longer the repayment period, the higher the interest rate. On average, the interest rate ranges from 5 to 10% per annum on the remaining balance.
It is absolutely possible to purchase real estate from the developer in Bulgaria on installment terms for up to 5 years, and even up to 10 years with keys handed over after the initial 10%! Imagine not having to gather documents for banks and wait for loan approvals, only to make transfers and payments every month. Real estate in Bulgaria is so accessible that making an investment is possible with just a foreign passport, an acceptable down payment, and the ability to adhere to a comfortable payment schedule.
Installment is a beneficial and fast way to acquire real estate.
We are ready to offer you the most advantageous conditions for purchasing real estate on installments. For our clients, we negotiate the best individual terms with the developer.
We are waiting for you in our offices. AN TERRA works for you!
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