General information guide on loans with collateral guarantee
With this guide, we provide you with all the information you need for loans with collateral
GARANTI BANK SA, with registered office in Bucharest, Sos. Fabrica de Glucoza nr. 5, Novo Park 3, Business Center, Building F, 5th and 6th floor, sector 2, with Trade Register number J40/4429/2009, tax ID: RO 25394008, registered in the register of credit institutions under no. RB-PJR-40-066/2009, registered in the A.S.F. Register under no. PJR01INCR/400019/28.03.2019 offers to the individual customers, two types of loans with collateral guarantee: Loan for the purchase of property (Housing loan) and Personal needs loan with collateral.
Purpose / Destination of the loan
- Satisfaction of the personal needs of the applicant and/or his/her family;
- Refinancing of any type of consumer loan.
Loan guarantee
-
Real estate mortgage:
Rank I on one or more properties/lands owned by the applicant or a third party (mortgage guarantor);
Rank II in the case of properties already mortgaged in favour of the Bank (guarantees on existing loans in the portfolio);
In the case of refinancing loans, rank II mortgages are accepted until the repayment of the refinanced loan and the cancellation of the rank I mortgage in favour of the refinanced Bank.
Note! Commercial premises located in apartments or houses/villas are also accepted as collateral. Commercial premises for industrial use such as halls, warehouses, production buildings, etc. are not accepted as collateral. - Real estate mortgage on the current accounts of the loan applicant opened with the Bank, to be recorded in the RNPM at the Applicant's expense;
- Real estate mortgage on the current accounts of the depository of the collateral cash, if different from the Borrower;
- Assignment of rights arising from the property/life insurance policy, if the rights of indemnity are assigned in favour of the Bank, to be recorded in the RNPM at the Applicant's expense;
- Surety - Personal guarantee of the Borrower's spouse and/or Joint Co-Borrowers who will guarantee the loan with their entire assets, movable and immovable, present and/or future;
- Real estate mortgage on a collateral deposit (Cash collateral);
- Real estate mortgage on all current collateral deposit accounts, to be registered in the RNPM at the Applicant's expense;
- Real estate mortgage on receivables (e.g: rental income) to be registered with RNPM and Land Register at the Applicant's expense;
- State guarantees (only in case of real estate loan / purchase of property)
Lending period
- Standard, 5 years
- Refinancing loans contracted before 08.07.2020
- maximum 10 years, for loans where the remaining repayment period is less than 10 years.
- maximum 30 years, but no longer than the remaining repayment period;
Note! The duration of the loan will not exceed the duration of the individual employment contract in the case of fixed-term employees.
Interest Rate
-
Variable
From the date the loan is granted, for the duration of the loan, the Interest Rate is variable. The interest rate is revised periodically, according to the evolution of the benchmark, every January 1, April 1, July 1 and October 1, throughout the duration of the loan. Interest is calculated on the drawn balance of the loan from the date of the first drawdown and is payable until the loan is repaid in full. Interest is calculated on the loan balance taking into account a year of 360 days and a month of 30 days according to the following formula:
Interest is paid monthly, along with the principal, through the calculated loan rate. Payments shall be made from the Borrower’s cash account with the Bank.
Repayment method
- Equal monthly installments (constant annuities)
- Decreasing monthly installments (equal principal).
Early repayment
- The consumer has the right at any time to discharge all or part of his obligations under a credit agreement before its termination. In this case, the consumer is entitled to a reduction in the total cost of the credit, this reduction consisting of interest and costs related to the amount repaid early for the period between the date of early repayment and the scheduled date of termination of the credit agreement.
-
In the case of partial prepayment, the consumer has the right to choose between:
a) maintaining the monthly installment and reducing the initial credit period;
b) reducing the monthly installment and maintaining the initial lending period;
c) reducing the monthly installment and reducing the initial lending period.
Conditions for obtaining the loan
In order to benefit from the loan conditions described in this document, you must meet the following obligations by the time the loan is drawn down;
Taking out and maintaining until the end of the credit agreement a compulsory PAD insurance policy, assigning/mortgaging receivables relating to insurance contracts in favour of the bank and notifying the insurance companies of the assignment or showing their acceptance of the assignment. The cost of this compulsory PAD insurance policy is EUR 20 per year and has been included in the calculation of the APR;
Taking out and maintaining until the end of the credit agreement a voluntary insurance policy, assigning/mortgaging the receivables related to the insurance contracts in favour of the bank and notifying the insurance companies of the assignment or showing their acceptance of the assignment; The voluntary insurance policy shall be taken out in the currency of the loan for an amount equal to the appraised value of the property pledged as collateral, and shall cover at least the following risks: fire, lightning, explosion, falling aircraft and space vehicles, impact by road vehicles, atmospheric phenomena (storm, hurricane, gale, tornado, including hail), weight of snow cover, sonic waves, fumes, gas vapours, earthquake, floods and mudslides, torrential rain, collapse, drift or landslides, fire brigade costs, demolition, evacuation and transport costs, redesign costs;
If the optional insurance policy is taken out with the insurer Alliantz, the cost of the annual insurance premium is 0,079% applied to the appraised value of the property and has been included in the calculation of the APR; If the optional insurance policy is with another insurer, the cost of the insurance premium is not known to the bank and has not been included in the calculation of the APR;
Inclusion in the bank group life insurance, or if you are not eligible, the conclusion and maintenance until the end of the loan agreement of a life insurance contract with an insurance company operating in accordance with the relevant legal regulations and the assignment/mortgage in favour of the bank of the receivables related to the insurance policy and notification of the assignment to insurance companies;
The life insurance policy will be concluded in the currency of the loan and must cover: the risk of death from any cause and permanent total and partial disability from any cause. If you are included in the Bank group life policy, there is no cost to you. If you are not included in the Bank group policy, the cost of insurance is not known to the Bank and has not been included in the calculation of the APR;
The insurance policies mentioned above shall be delivered to the Bank in original, through any territorial agency, together with proof of payment of the insurance premium(s) for the relevant policies at least 3 days before their expiry.
Please note the possible consequences of terminating at a later stage any of the ancillary services relating to the loan;
If, during the course of the credit relationship, you fail to comply with your obligation to extend/renew your property insurance policies and you do not provide the Bank with proof of payment of the insurance premium(s) for the relevant policies at least 3 days before their expiry, the Bank shall be entitled to choose the insurer and to take out, on your behalf and for your account, insurance policies for the property with which the credit is secured for a period of up to one year, the costs being borne by you. The Bank will conclude the insurance policy(ies) only after prior notification of: the obligation to extend/renew the insurance policy(ies), the right of the Bank to conclude the insurance policy(ies) on your behalf and at your cost, the conditions of the insurance policy to be concluded.
If, during the course of the credit relationship, you do not comply with the obligation to extend/renew your life insurance policies (if you have not been included in the group policy of the Bank) and you do not provide the Bank with proof of payment of the related insurance premiums at least 3 days before their expiry, the Bank is entitled to declare the credit past due.
Valuation of the property provided as collateral by an authorized appraiser, in accordance with the regulations of the Government Emergency Ordinance no. 52/2016 on loans offered to consumers for real estate as well as the amendment of the Government Emergency Ordinance no. 50/2010 on credit agreements for consumers
When valuing a real estate property, mandatory valuation standards adopted by the National Association of Authorized Appraisers in Romania are used.
1) The consumer has the right to choose whether the appraisal is carried out by an appraiser employed/paid by the creditor or by another appraiser.
2) If the consumer decides to have the appraisal carried out by an appraiser who is not employed/paid by the creditor, the consumer has the right to choose between an appraiser from a list proposed by the creditor of at least 15 appraisers and any other authorised appraiser who is a member of the National Association of Authorised Appraisers in Romania.
3) In the situation referred to in para. (2), the assessment shall be carried out on the basis of an assessment service agreement concluded with the consumer.
4) If creditors request a standard appraisal report, they shall communicate the standard format to the consumer’s chosen valuer without undue delay.
Following the verification of the guarantee and the information in the appraisal report, the Bank may request the consumer to submit an MLPAT expert report containing clarifications on the status of the resistance structure. It is compulsory to submit such an expert’s report for buildings built before 1960. The cost of such an expertise is borne entirely by consumers.
Opening a current account in the currency of the loan and maintaining it for the duration of the loan. The amount of the loan is credited to this account and the monthly repayments are made. There is no charge for opening and administering this account.
The establishment and maintenance of guarantees in favour of the creditor throughout the duration of the loan.
Please note that the lending conditions described in this document (including the interest rate) may change if these obligations are not complied with.
Consequences in case of non-payment
Non-payment of the loan installment, of the monthly interest due, of any cost, as well as late payment lead to:
Increasing the amounts owed to the creditor by accruing penalty interest. Penalty interest is calculated on the basis of a fixed percentage of 3 percentage points added to the current interest rate and applied to the outstanding principal. In all cases, the amount of penalty interest shall not exceed the outstanding principal. If you or your spouse are in one of the following situations: unemployment, a drastic reduction in salary (a reduction of at least 15% of the salary) or death, the penalty interest will not exceed the current interest rate by more than two percentage points. In this way, you will submit a written request to the creditor accompanied by documents proving your situation. This interest will be charged until the event giving rise to the reduction in income ceases, but for no more than 12 months. In case of death, the period cannot be less than 6 months. You must notify the creditor immediately, but no later than 15 calendar days, of the cessation of the event that caused the reduction in income.
Declaration of early maturity and commencement of enforcement proceedings. The bank may declare the credit overdue early after 90 consecutive days of arrears. After a period of 3 months from the declaration of early maturity, the Bank may start the enforcement proceedings. At your express request, the Bank may reduce this period. Before early maturity is declared or before the foreclosure procedure starts, you can ask the Bank to sell the mortgaged property directly by you. The bank grants this right for a period of at least 6 months, and may trigger foreclosure at the end of this period.
Reporting overdue debts to Biroul de Credite S.A. – starting from the 31st day of late payment.
Reporting of outstanding amounts to the Central Credit Register and other similar structures – The Bank will report monthly the existence of outstanding amounts recorded at the end of the calendar month in the immediately following month. These reports will be made in accordance with the legal regulations in force.
Warning about the risks of loan contracting
- By contracting a variable interest rate loan you are exposing yourself to interest rate risk, which may affect your ability to repay. This risk is generated by an increase in the benchmark mentioned in the interest rate component, which may increase the interest rate and increase the monthly repayment amount.
- Your income may change. Please consider whether you will still be able to afford your repayment installments if your income falls.
- Also, the total cost of loan, shown by the APR, can change throughout of the credit agreement.
Calculation examples
-
Loan amount: 370,500.00 Lei
Load Period: 57 months
The estimated value of the mortgage collateral: 435,882.00 Lei
Interest rate of the loan: 8.81% per year variable consisting in IRCC 3M + bank margin 3.15% per year
Monthly administration fee: 0%, applied to loan balance
Exchange rate: (RON/EUR): 4.95
-
Equal monthly installments (constant annuities) APR 9.70% per year
Monthly payment amount: 7,978.11 Lei
Total cost of the loan is 88,539.09 Lei, consisting of:
- credit file analysis fee 1,000 Lei
- total interest 84,252.45 Lei
- total credit management fee 0 Lei
- cost of the appraisal report 714 Lei
- total property insurance premiums 2,371.74 Lei additional
- current account management fee - 7.5 Lei (EUR equivalent, if applicable)
- registration, renewal, deletion fees for entries in the National Register of Real Estate 131,40 Lei
- fees for processing payment orders 69,50 Lei
Total amount payable is: 459,039.09 Lei
-
Decreasing monthly installments (equal Principal)
APR 9.73% per year
Monthly payment amount: 9,220.09 Lei
Total cost of the loan is: 83,169.17 Lei, consisting of:
- credit file analysis fee 1,000 Lei
- total interest 78,882.54 Lei credit management fee 0 Lei
- cost of appraisal report 714 Lei
- total property insurance premiums 2,371.74 Lei
- additional current account management fee 7.5 Lei (EUR equivalent, if applicable)
- fees for registration, renewal, deletion of entries in the National Register of Real Estate 131,40 Lei
- fees for processing payment orders 69,50 Lei
Total amount payable is: 453,669.17 Lei
Assumptions considered in the calculation of the APR
This APR is calculated using the following assumptions:
- a) the credit agreement remains valid for the agreed period and the creditor and the consumer will accomplish their obligations under the conditions and within the periods agreed in the credit agreement;
- b) the interest rate and other costs remain fixed in relation to the level agreed at the time of conclusion of the agreement.
Costs not included in the EAD
-
One-off fee: 100 lei.
It is charged for the provision of services at the request of the client, such as, but not limited to: issuance of the lease address/ head office of the property provided as collateral, issuance of the construction/demolition/ dismemberment/ annexation/alienation agreement regarding the mortgaged property in favour of the bank.
The following costs are not known to the lender and are therefore not included in the EAD:
-
the life insurance premium, if the consumer is not eligible for inclusion in the group life policy of the borrower;
the property insurance premium, if the consumer chooses to take out the optional property insurance policy with an insurer other than Allianz; - the costs of registering, cancelling, amending property guarantees in the Land Register. These costs are due to the National Agency / Land Registry and Real Estate Publicity Office at the time of the operations;
- notary fees due to the notary who authenticates the real estate mortgage and sale-purchase agreements. These costs are due at the time the contracts for each operation are signed.
Additional costs
The Consumer shall bear at his own expense, unless otherwise agreed, the cost of insurance contracts relating to the goods provided as collateral, the costs of authentication/registration in the Land Register of the mortgage contract, i.e. notary fees, including related taxes and duties, as well as the cost of formalities for the cancellation of collateral provided under this Contract, as determined by the competent authorities and entities, including the notary public fee for the authentication of the Bank agreement to release the collateral.
Property purchase loan (housing) with life insurance
Purpose/Destination of the loan
- Purchase of property (land, building, excluding commercial premises)
- Refinancing of another real estate loan
- Integration of the property
Loan guarantee
-
Real estate mortgage:
Rank I on one or more properties/lands owned by the applicant or a third party (mortgage guarantor);
Rank II in the case of properties already mortgaged in favour of the Bank (guarantees on existing loans in the portfolio);
In the case of refinancing loans, rank II mortgages are accepted until the repayment of the refinanced loan and the cancellation of the rank I mortgage in favour of the refinanced Bank.
Note! Commercial premises located in apartments or houses/villas are also accepted as collateral. Commercial premises for industrial use such as halls, warehouses, production buildings, etc. are not accepted as collateral. - Real estate mortgage on the current accounts of the loan applicant opened with the Bank, to be recorded in the RNPM at the Applicant's expense;
- Real estate mortgage on the current accounts of the depository of the collateral cash, if different from the Borrower;
- Assignment of rights arising from the property/life insurance policy, if the rights of indemnity are assigned in favour of the Bank, to be recorded in the RNPM at the Applicant's expense;
- Surety - Personal guarantee of the Borrower's spouse and/or Joint Co-Borrowers who will guarantee the loan with their entire assets, movable and immovable, present and/or future;
- Real estate mortgage on a collateral deposit (Cash collateral);
- Real estate mortgage on all current collateral deposit accounts, to be registered in the RNPM at the Applicant's expense; Real estate mortgage on receivables (e.g: rental income) to be registered with RNPM and Land Register at the Applicant's expense;
- State guarantees (only in case of real estate loan / purchase of property)
Lending period
-
3 years - 30 years
Note! The duration of the loan will not exceed the duration of the individual employment contract in the case of fixed-term employees.
Interest Rate
-
Variable
From the date the loan is granted, for the entire duration of the loan, the Interest Rate is variable. The interest rate is revised periodically, according to the evolution of the benchmark, every January 1, April 1, July 1 and October 1, throughout the duration of the loan. Interest is calculated on the drawn balance of the loan from the date of the first drawdown and is payable until the loan is repaid in full. Interest is calculated on the loan balance taking into account a year of 360 days and a month of 30 days according to the following formula:
Interest is paid monthly, along with the principal, through the calculated loan rate. Payments shall be made from the Borrower’s cash account with the Bank.
Repayment method
- Equal monthly installments (constant annuities)
- Decreasing monthly installments (equal principal).
Early repayment
- The consumer has the right at any time to discharge all or part of his obligations under a credit agreement before its termination. In this case, the consumer is entitled to a reduction in the total cost of the credit, this reduction consisting of interest and costs related to the amount repaid early for the period between the date of early repayment and the scheduled date of termination of the credit agreement.
-
In the case of partial prepayment, the consumer has the right to choose between:
a) maintaining the monthly installment and reducing the initial credit period;
b) reducing the monthly installment and maintaining the initial lending period;
c) reducing the monthly installment and reducing the initial lending period.
Conditions for obtaining the loan
In order to benefit from the loan conditions described in this document, you must meet the following obligations by the time the loan is drawn down;
Taking out and maintaining until the end of the credit agreement a compulsory PAD insurance policy, assigning/mortgaging receivables relating to insurance contracts in favour of the bank and notifying the insurance companies of the assignment or showing their acceptance of the assignment. The cost of this compulsory PAD insurance policy is EUR 20 per year and has been included in the calculation of the APR;
Taking out and maintaining until the end of the credit agreement a voluntary insurance policy, assigning/mortgaging the receivables related to the insurance contracts in favour of the bank and notifying the insurance companies of the assignment or showing their acceptance of the assignment; The voluntary insurance policy shall be taken out in the currency of the loan for an amount equal to the appraised value of the property pledged as collateral, and shall cover at least the following risks: fire, lightning, explosion, falling aircraft and space vehicles, impact by road vehicles, atmospheric phenomena (storm, hurricane, gale, tornado, including hail), weight of snow cover, sonic waves, fumes, gas vapours, earthquake, floods and mudslides, torrential rain, collapse, drift or landslides, fire brigade costs, demolition, evacuation and transport costs, redesign costs;
If the optional insurance policy is taken out with the insurer Alliantz, the cost of the annual insurance premium is 0,079% applied to the appraised value of the property and has been included in the calculation of the APR; If the optional insurance policy is with another insurer, the cost of the insurance premium is not known to the bank and has not been included in the calculation of the APR;
Inclusion in the bank group life insurance, or if you are not eligible, the conclusion and maintenance until the end of the loan agreement of a life insurance contract with an insurance company operating in accordance with the relevant legal regulations and the assignment/mortgage in favour of the bank of the receivables related to the insurance policy and notification of the assignment to insurance companies;
The life insurance policy will be concluded in the currency of the loan and must cover: the risk of death from any cause and permanent total and partial disability from any cause. If you are included in the Bank group life policy, there is no cost to you. If you are not included in the Bank group policy, the cost of insurance is not known to the Bank and has not been included in the calculation of the APR;
The insurance policies mentioned above shall be delivered to the Bank in original, through any territorial agency, together with proof of payment of the insurance premium(s) for the relevant policies at least 3 days before their expiry.
Please note the possible consequences of terminating at a later stage any of the ancillary services relating to the loan;
If, during the course of the credit relationship, you fail to comply with your obligation to extend/renew your property insurance policies and you do not provide the Bank with proof of payment of the insurance premium(s) for the relevant policies at least 3 days before their expiry, the Bank shall be entitled to choose the insurer and to take out, on your behalf and for your account, insurance policies for the property with which the credit is secured for a period of up to one year, the costs being borne by you. The Bank will conclude the insurance policy(ies) only after prior notification of: the obligation to extend/renew the insurance policy(ies), the right of the Bank to conclude the insurance policy(ies) on your behalf and at your cost, the conditions of the insurance policy to be concluded.
If, during the course of the credit relationship, you do not comply with the obligation to extend/renew your life insurance policies (if you have not been included in the group policy of the Bank) and you do not provide the Bank with proof of payment of the related insurance premiums at least 3 days before their expiry, the Bank is entitled to declare the credit past due.
Valuation of the property provided as collateral by an authorized appraiser, in accordance with the regulations of the Government Emergency Ordinance no. 52/2016 on loans offered to consumers for real estate as well as the amendment of the Government Emergency Ordinance no. 50/2010 on credit agreements for consumers
When valuing a real estate property, mandatory valuation standards adopted by the National Association of Authorized Appraisers in Romania are used.
1) The consumer has the right to choose whether the appraisal is carried out by an appraiser employed/paid by the creditor or by another appraiser.
2) If the consumer decides to have the appraisal carried out by an appraiser who is not employed/paid by the creditor, the consumer has the right to choose between an appraiser from a list proposed by the creditor of at least 15 appraisers and any other authorised appraiser who is a member of the National Association of Authorised Appraisers in Romania.
3) In the situation referred to in para. (2), the assessment shall be carried out on the basis of an assessment service agreement concluded with the consumer.
4) If creditors request a standard appraisal report, they shall communicate the standard format to the consumer’s chosen valuer without undue delay.
Following the verification of the guarantee and the information in the appraisal report, the Bank may request the consumer to submit an MLPAT expert report containing clarifications on the status of the resistance structure. It is compulsory to submit such an expert’s report for buildings built before 1960. The cost of such an expertise is borne entirely by consumers.
Opening a current account in the currency of the loan and maintaining it for the duration of the loan. The amount of the loan is credited to this account and the monthly repayments are made. There is no charge for opening and administering this account.
The establishment and maintenance of guarantees in favour of the creditor throughout the duration of the loan.
Please note that the lending conditions described in this document (including the interest rate) may change if these obligations are not complied with.
Consequences in case of non-payment
Non-payment of the loan installment, of the monthly interest due, of any cost, as well as late payment lead to:
Increasing the amounts owed to the creditor by accruing penalty interest. Penalty interest is calculated on the basis of a fixed percentage of 3 percentage points added to the current interest rate and applied to the outstanding principal. In all cases, the amount of penalty interest shall not exceed the outstanding principal. If you or your spouse are in one of the following situations: unemployment, a drastic reduction in salary (a reduction of at least 15% of the salary) or death, the penalty interest will not exceed the current interest rate by more than two percentage points. In this way, you will submit a written request to the creditor accompanied by documents proving your situation. This interest will be charged until the event giving rise to the reduction in income ceases, but for no more than 12 months. In case of death, the period cannot be less than 6 months. You must notify the creditor immediately, but no later than 15 calendar days, of the cessation of the event that caused the reduction in income.
Declaration of early maturity and commencement of enforcement proceedings. The bank may declare the credit overdue early after 90 consecutive days of arrears. After a period of 3 months from the declaration of early maturity, the Bank may start the enforcement proceedings. At your express request, the Bank may reduce this period. Before early maturity is declared or before the foreclosure procedure starts, you can ask the Bank to sell the mortgaged property directly by you. The bank grants this right for a period of at least 6 months, and may trigger foreclosure at the end of this period.
Reporting overdue debts to Biroul de Credite S.A. – starting from the 31st day of late payment.
Reporting of outstanding amounts to the Central Credit Register and other similar structures – The Bank will report monthly the existence of outstanding amounts recorded at the end of the calendar month in the immediately following month. These reports will be made in accordance with the legal regulations in force.
Warning about the risks of loan contracting
- By contracting a variable interest rate loan you are exposing yourself to interest rate risk, which may affect your ability to repay. This risk is generated by an increase in the benchmark mentioned in the interest rate component, which may increase the interest rate and increase the monthly repayment amount.
- Your income may change. Please consider whether you will still be able to afford your repayment installments if your income falls.
- Also, the total cost of loan, shown by the APR, can change throughout of the credit agreement.
Calculation examples
-
Loan amount: 364,000.00 Lei
Load Period: 262 months
Advance payment minimum: 15%
The estimated value of the mortgage collateral: 428,235.00 Lei
Interest rate of the loan: 8.06% per year variable consisting in IRCC 3M + bank margin 2.40% per year Monthly administration fee: 75 RON
Exchange rate (RON/EUR): 4.95
-
Equal monthly installments (constant annuities) APR 8.96% per year
Monthly payment amount: 3.031,67 Lei
Total cost of the loan is 442,527.22 Lei, consisting of:
- Loan analysis fee 750 Lei
- Total interest 410,646.79 Lei
- total loan management fee 19.650 Lei
- cost of the appraisal report 714 Lei
- total property insurance premiums 10,302.73 Lei additional
- current account management fee - 7.5 Lei (EUR equivalent, if applicable)
- registration, renewal, deletion fees for entries in the National Register of Real Estate 394,20 Lei
- fees for processing payment orders 69,50 Lei
Total amount payable is: 806,527.22 Lei
-
Decreasing monthly installments (equal Principal)
APR 9.08% per year
Monthly payment amount: 3.909,18 Lei
Total cost of the loan is: 353.350,40 Lei, consisting of:
- Loan analysis fee 750.00 Lei
- Total interest 321.499,37 Lei
- Total loan administration fee 19.650 Lei
- cost of appraisal report 714 Lei
- total property insurance premiums 10,302.73 Lei
- additional current account management fee 7.5 Lei (EUR equivalent, if applicable)
- fees for registration, renewal, deletion of entries in the National Register of Real Estate 394,20 Lei
- fees for processing payment orders 69,50 Lei
Total amount payable is: 717,380.40 Lei
Assumptions considered in the calculation of the APR
This APR is calculated using the following assumptions:
- a) the credit agreement remains valid for the agreed period and the creditor and the consumer will accomplish their obligations under the conditions and within the periods agreed in the credit agreement;
- b) the interest rate and other costs remain fixed in relation to the level agreed at the time of conclusion of the agreement.
Costs not included in the APR
-
One-off fee: 100 lei.
It is charged for the provision of services at the request of the client, such as, but not limited to: issuance of the lease address/ head office of the property provided as collateral, issuance of the construction/demolition/ dismemberment/ annexation/alienation agreement regarding the mortgaged property in favour of the bank.
The following costs are not known to the lender and are therefore not included in the EAD:
- the life insurance premium, if the consumer is not eligible for inclusion in the group life policy of the borrower;
- the property insurance premium, if the consumer chooses to take out the optional property insurance policy with an insurer other than Allianz;
- the costs of registering, cancelling, amending property guarantees in the Land Register. These costs are due to the National Agency / Land Registry and Real Estate Publicity Office at the time of the operations;
- notary fees due to the notary who authenticates the real estate mortgage and sale-purchase agreements. These costs are due at the time the contracts for each operation are signed.
Additional costs
The Consumer shall bear at his own expense, unless otherwise agreed, the cost of insurance contracts relating to the goods provided as collateral, the costs of authentication/registration in the Land Register of the mortgage contract, i.e. notary fees, including related taxes and duties, as well as the cost of formalities for the cancellation of collateral provided under this Contract, as determined by the competent authorities and entities, including the notary public fee for the authentication of the Bank agreement to release the collateral.
LTV and minimum advance accepted –loans in RON
Exceptions:
- Romanian citizen with income from abroad: LTV max. 75%
- Foreign citizen with income from Romania: LTV max. 75%
- Land acquisition LTV max 50% – min down payment 50%
- Purchase of commercial space LTV max. 60% – minimum down payment 40%
Currency | Minimum Advance Payment | LTV maximum | Conditions |
---|---|---|---|
RON | 15% | 85% | Customers who do not own and have never owned OR have owned, but no longer own a property |
RON | 25% | 75% | Customers who own real estate |
EUR | 25% | 75% | Customers who own and have never owned OR have owned, but no longer own a property |
EUR | 35% | 65% | Customers who own a property |