BCR decreases the loan down payment requirements for other 22 localities

BCR has announced that it will ask for lower down payment in other 22 smaller localities, adding to the 20 cities, where this measure was already enforced earlier this month.

At the beginning of August, BCR announced that it would decrease the down payment for the mortgage loans that clients want to get for houses in certain Romanian localities to 25 percent. Thus, it will expand the activity for other 22 localities starting August 29.

Moreover, the bank will differentiate the down payment according to the loan maturity. Thus, clients that acquire properties in 42 localities within the countries for a loan period of maximum 25 years will benefit from a down payment of minimum 25 percent.

The clients that take a loan for maximum 20 years for properties from these localities can benefit from a down payment of 15 percent from the property’s value.

The main criteria for the localities list for a reduction in the down payment is the high level of solvency and property liquidity, proven by the real estate market from these localities, but also the GDP value at county level was taken into account.

“We identified down payments decrease solutions for the mortgage loans, despite the risks created by the debt discharge law, because we have a responsibility towards the mortgage loan accessibility in Romania. We struggle to offer a real solution to the low quality problem of the property fund in Romania: old, crowded buildings that need upgrade and rehabilitation or that are in high earthquake risk, “ said Dana Demetrian, vice president retail at BCR.

In the first stage, BCR’s list comprised 20 localities: Cluj-Napoca, Timisoara, Iasi, Constanta, Craiova, Brasov, Galati, Ploiesti, Oradea, Braila, Arad, Pitesti, Sibiu, Bacau, Targu Mures, Baia Mare, Buzau, Botosani, Satu Mare and Bucharest.

The other 22 localities where clients will benefit from the new loan conditions are: Mioveni (Arges county), Sacele and Sanpetru (Brasov county), Floresti (Cluj county), Mangalia and Navodari (Constanta county), Bragadiru, Chiajna, Chitila, Magurele, Otopeni, Popesti Leordeni, Stefanestii de Jos and Voluntari (Ilfov county), Campina and Sinaia (Prahova county), Cisnadie and Selimbar (Sibiu county), Dumbravita, Giroc and Mosnita Noua (Timis county).

Georgiana Bendre