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Asset Home loan

Asset Home loan

Asset Home loan is provided for financing of purchase or construction of a residential property, repair and/or finishing works, reconstruction, refinancing of similar housing loans, extended by other banks.

  • High maximum amount;
  • Long repayment term;
  • No charges for disbursment, management and early repayment;
  • Competitive interest rate levels – fixed for the initial 2 years and transparently based on EURIBOR + fixed margin for the remaining period;
  • Lower interest rate in case of subscription for package services "Asset Advantage" and "Asset Advantage+";
  • Lower interest rate in case of payroll in the Bank;
  • Free issuance of international Debit MasterCard PayPass and use of additional services – MasterCard SecureCode, SMS notification and option to sign up for Asset electronic utility bills;
  • Opportunity for free issuance of MasterCard Standard Asset revolving credit card at the preferential interest rate of 10%.
  • Free activation of the online banking service - Asset Online.
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  • Currency: BGN, EUR;
  • Loan amount: from BGN 20 000 / EUR 10 000 to BGN 300 000 / EUR 150 000;
  • Repayment term – up to 30 years;
  • Grace period – up to 12 months;
  • Repayment mode - annuity monthly instalments or equal monthly principal instalments and declining interest;
  • Collateral: establishment of first rank mortgage on the newly purchased or of any other residential property with use permit.
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Annual interest rate:

 

  • The loan applicant is liable with his entire property

    BGN EUR
    For the initial two years - fixed interest rate:
    3.20% 3.20%
    After expiry of the initial two years, in case of annuity instalments:
    BGN: 6 м. EURIBOR +   3.75 p. p. EUR: 6 м. EURIBOR + 3.75 p. p.
    After expiry of the initial two years, in case of equal principal instalments*:
    BGN: 6 м. EURIBOR + 4.00 p. p. EUR: 6 м. EURIBOR + 4.00 p. p.


  • The loan applicant is liable up to the amount of collateral under the contract

    BGN EUR
    For the initial two years - fixed interest rate:
    8.25% 7.75%
    After expiry of the initial two years, in case of annuity instalments:
    BGN: 6 м. EURIBOR + 8.50 p. p. EUR: 6 м. EURIBOR + 8.50 p. p.
    After expiry of the initial two years, in case of equal principal instalments*:
    BGN: 6 м. EURIBOR + 9.50 p. p. EUR: 6 м. EURIBOR + 9.50 p. p.

    *After expiry of the initial two years of the loan term, the annual interest rate is floating and based on a reference interest rate (6m. EURIBOR for loans in BGN and EUR) + the fixed margins indicated above.

Pricing discounts:

 Possibility for additional discounts on interest rate, subject to the follwing requirements:

 

Discount 0.25 p. p. Discount 0.15 p. p.
1. Subscription of package program for physical entities "Asset Advantage+". 1. Subscription of package program for physical entities "Asset Advantage".

 

Discount 0.25 p. p.
2. Payroll in the Bank for individuals proving income based on employment contract

Discounts on 1. and 2. can be applied cumulatively.

 

Fees and commissions:

  • For initial acceptance of the documents – 120 BGN;
  • For credit analysis – 0.1% of the amount authorised, minimum BGN 100;
  • Monthly service charge for card/current account - BGN 1;
  • For processing documents for establishment of mortgage – BGN 120;
  • For processing documents for deregistration of mortgage established – BGN 120;
  • For processing documents for renegotiation of individual terms – 120 BGN;
  • For preparation and update of collateral evaluation - According to the Tariff for assets valuation depending on the of the collateral. 

 

The APR is 4.14% for a loan of 50 000 EUR, the loan applicant is liable with his entire property, secured with mortgage over residential property, for a term 240 months. The calculation is based on fixed interest rate for the first two years equal to 3.45% and floating interest rate for the rest of the period, amounting to 6m EURIBOR + 4.00 p.p., payroll with the Bank and subscription of a package program „Asset Advantage+“. Monthly annuity installment for the first 24 months: 288.70 EUR and for the rest of the period 301.72 EUR. Total due amount 73 264.83 EUR. The value of the 6m EURIBOR as of 31.03.2018 is -0.270%. The used value for the calculation is “0” (zero), according to the methodology for calculating the reference interest rate for physical entities.

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The APR is 4.29% for a loan of 50 000 EUR, the loan applicant is liable with his entire property, secured with mortgage over residential property, for a term 240 months. The calculation is based on fixed interest rate for the first two years equal to 3.45% and floating interest rate for the rest of the period , amounting to 6m EURIBOR + 4.00 p.p., payroll with the Bank  and subscription of a package program Asset Advantage +. Monthly annuity installment for the first 24 months: 288.70 EUR and for the rest of the period 301.72 EUR. Total due amount 74 052.27 EUR. The value of the 6m EURIBOR as of 30.09.2016 is -0.202%. The used value for the calculation is “0” (zero), according to the methodology for calculating the reference interest rate for physical entities. The mortgaged property must be insured in favor of the Bank and this cost is included in the example described above.  

Discount 0.25 p. p.
1. Subscription of package program for physical entities "Asset Advantage+".
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311. Information about the lender:

International Asset Bank AD, Sofia , Bulgaria, 1303,№ 81-83 “Todor Aleksandrov” blvd.

2. Purposes of the loan:

  • Acquisition or consrtruction of a residential real estate, finishing works until completion of the
  • property and reconstruction;
  • For renovation or/andfinishing works until completion and reconstruction (only for real estates acquisited during the previous 24 months period);
  • For refinancing of loans with similar terms andconditions granted by other banks.

3. Types of collateral, including, where applicable, the possibility that these securities are in the territory of another European Union member:

First rank mortgage on a real estate property - residential, commercial or administrative areas owned by the consumer or a third party. The property must be located within the territory of the Republic of Bulgaria and in urban residential areas.

 

The Bank accepts as a collateral real estates, bearing no rights opposable to the Bank's.

 

When the value of the collateral falls below the required by the Bank margin of 120%, the Bank may require an additional collateral.

4. Possible term of the loan agreement:

Up to 30 years. (The sum of the age of the customer at the time of application and the loan term should not exceed 65 years.).

5. After the receiving of the draft of the loan agreement, the consumer has a period of 14 days to make a decision on whether to conclude the loan agreement:

 Yes.

6. Type of interest rate applicable to the loan – fixed and/or variable, together with a brief description of the characteristics of the fixed and/or variable interest rate, including the associated consequences for the consumer:

  1. In the case of a loan agreement, where upon a compulsary execution the customer is liable according to Art. 133 of the Obligations and Contracts Act:

 

For the first 2 years – fixed interest rate:

  • BGN: 4.15%;
  • EUR: 3.95%.

 

After the first 2 years:

 

In equal principal installments:

  • BGN: 6м. EURIBOR + 4.75 p. p.;
  • EUR: 6м. EURIBOR + 4.75 p. p..

In annuity installments:

  • BGN: 6м. EURIBOR + 4.50 p. p.;
  • EUR: 6м. EURIBOR + 4.50 p. p..

 

  1. In the case of a loan agreement, under which the lender is satisfied in full and final up to the amount of the collateral of the contract after a compulsary execution on the collateral in court or after the sale of the collateral by the consumer with the consent of the lender:

 

For the first 2 years – fixed interest rate:

  • BGN: 8.25%;
  • EUR: 7.75%.

 

After the first 2 years:

 

In equal principal installments:

  • BGN: 6 м. EURIBOR + 9.50 p. p.;
  • EUR: 6 м. EURIBOR + 9.50 p. p..

In equal principal installments:

  • BGN: 6 м. EURIBOR + 8.50 p. p.;
  • EUR: 6 м. EURIBOR + 8.50 p. p..

 

For all loans in item 1 and item 2, the interest rates after the second year are variable and they are formed as a sum of  6m EURIBOR plus the fixed margin.

 

The fixed interest rate is unchangable for the whole period of the loan or for a specified period of the loan. The advantage of the fixed interest rate is that the rise in the interest rates during the period has no impact on the installments. When the interest rates drop, however, the consumer will continue to pay offhis/herloan at the interest rate agreed in the contract.

 

The variable interest rate follows the market trends. The disadvantage of this type of interest rates occurs when the market indices start to grow. Then repayments on the loan are adjusted by accepting higher values..

7. Foreign currency or currencies, when applicable for the loan, including explanations of the risks of possible movements in the exchange rate of the foreign currency or currencies that may affect the overall amount payable by the consumer; the requirement does not apply neither to loans offered in EURtoa customer whose income is in BGN nor to loans offered in BGN whenthe income is in EUR:

The Bank provides loans in BGN and EUR for a consumers with income in BGN and EUR

8. A representative example of the total loan amount and the total cost of the loan to the consumer, the total amount due by the consumer and the APR on the loan:

APR is 4.54% for a loan of € 50,000 with full responsibility of the user under Art. 133 of the Obligations and Contracts Act,extended for a period of 240 months - for an annuity repayment schedule. The calculation is at fixed interest rate for the first two years at a rate of 3.95% and a floating interest rate equal to 6-month EURIBOR + 4.50%. The index value at 31/03/2018 is -0.270%, as for the purpose of this calculation is default value "0" (zero).

 

Total amount due: 75 708.96 euro.

 

Total cost of the loan: 25 708.96 euro.

9. Possible additional costs on the loan that have not been included in the total costs for the consumer due according to the loan agreement:

Notary fees.

Fees for preparation of a market value of the property. 

Fees and expenses according to the Social Insurance Code.

10. Repayment plans of the loan, including an example for the number, the frequency and the amount of the instalments:

The types of repayment plans are as follows:

  • equal monthly principal instalments and declining interest payments;
  • equal annuity monthly instalments, including interest and principal;

The loan is payable in monthly instalments (up to 360 monthly payments), regardless of the type of the repayment plan..

 

In the example under item 8, there are monthly instalments which are 240 annuity monthly instalments as follows::

  • monthly instalment for the initial 24 months: 301.68 EUR.
  • monthly instalment for the remaining period: 315.05 EUR.

11. For loans with payment of the interest due only - clear and precise description/text that the compliance with the terms and conditions under the loan agreement does not entail the payment of the total loan amount.:

Not applicable.

12. Terms and conditions directly related to the early repayment of the loan:

The following commission is owed:

  • 1% for early repayment of the loan before the payment of the 12 monthly instalments from its disbursement;
  • 0% after that.

13. If property assessment is required– whoprovides the evaluation and are there any related costs for the consumer::

An assessment of the available property collateral is required. It is performed by a certified external evaluator registered with the Chamber of the independent evaluators, who appears on the list approved by the Bank.The cost of the property valuationis attributable to the consumer and is included in the cost of the representative example under item 8.

14. The additional services that the consumer must use in order to obtain the loan or to obtain the loan under the proposed conditions and if it is applicable – a clarification that the consumer has the right to benefit from the additional services from a entity other than the lender:

A mandatory requirement for the conclusion of the loan agreement is the conclusion of a mortgage property insurance in favor of the Bank on all the relevant insurance risks, in accordance with the General terms and conditions for granting mortgage loans to consumers – for the entire term of the loan. To be free of charge for the consumer, the insurance should be concluded with ZAD "Asset Insurance" AD.

 

 

The bank offers Asset Advantage/Asset Advantage + package programs. The use of Asset Advantage and Asset Advantage+ packages results in discounts on the abovementioned interest rate levels. The conclusion of a contract for a package of additional services is not a mandatory requirement for the conclusion of the loan contract. If there is a contract for a package of additional services and the consumer terminates it during the course of the loan agreement, the interest rate level on the loan is changed to the regularone for the product without the use of the discount.

 

 

The consumer opens and maintains a current account for servicing the loan.

15. Warning for the possible consequences in case of default on the obligations related to the loan agreement::

The Bank is entitled to declare part/the entire loan amount payable ahead of term, including compensation charge on the loan amount payable ahead of term and to proceed to a compulsary execution of the collateral under the loan agreement or on the customer’s entire property in accordance with the chosen type of liability and the General terms and conditions for granting mortgage loans to consumers.

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