Off-plan mortgage for an apartment in Bulgaria

Since 1 October 2024, banks in Bulgaria have granted home loans of up to 85% of the property value, with a monthly payment of up to 50% of income and a term of up to 30 years — these are the requirements of the Bulgarian National Bank (BNB). So the buyer pays at least 15% of the apartment price from their own funds. The specific terms of an off-plan loan are set by the bank, so check them with it before you sign the preliminary contract.

What exactly does the BNB require?

The BNB decision of 11 September 2024 applies from 1 October 2024 to loans to households secured by residential property in Bulgaria: the loan is up to 85% of the property value at the time of granting, the payment on all debts is up to 50% of the monthly disposable income, and the term is up to 30 years. A bank may deviate from these parameters for only a small part of its loans — up to 5% of the volume for the quarter.

How much own money is needed?

At least 15% of the property value, because the loan cannot exceed 85%. Separately you pay the local property acquisition tax (in Pomorie municipality, 3%), the notary fee and the registration fee; value added tax is already included in the price of the apartment.

How is the building accepted, and is Act 16 needed?

Solna 59 is a fifth-category building and is put into operation with a certificate from the chief architect of Pomorie municipality, not with Act 16 — Act 16 is drawn up only for the first three categories. Details and warranty periods are in the purchase terms.

How is payment made?

Only through a bank: in Bulgaria you can pay in cash up to €5,112.92. The payment schedule and the documents the bank will ask the builder for come together with the draft preliminary contract.