Construction Credit
It’s the way you want it to be! Build according to your plans, in your own direction or through a specialized company.
Advantages
- Financing up to 100% of the expenditures estimate;
- Own contribution of at least 35% of the guarantee value, which can be represented by the land you own;
- You can build yourself, or by means of a specialized firm;
- The credit amounts are used gradually, correlated to the works achievement schedule;
- The credit destination observance is verified by means of intermediary reports to find out the works stage;
- Lending extended period of up to 35 years;
- You can have several types of income (salaries, pensions, income from freelancing, copy rights, rents, etc.);
- 0% early repayment fee;
- You have smaller interests if you choose an account package and collect at least RON 2,000 monthly in the package account;
- 0% monthly credit management fee.
| Characteristics | RON |
|---|---|
| Minimal amount | 50,000 |
| Maximal amount | 2,000,000 |
Interests and fees
Interests
| Product | CCB value (%) | Fixed margin (%) | Variable interest (%) | APRC (%) |
|---|---|---|---|---|
| Construction credit – with salary collection* | 5.90 | 3.90 | 9.80 | 10.58 |
| Construction credit – without salary collection | 5.90 | 4.40 | 10.30 | 11.13 |
For a loan worth 350,000 RON, for 30 years, with the collection of salary/pension* at Exim Banca Romaneasca, the monthly installment is 3,019.90 RON, APRC 10.58%, the total amount payable 1,109,631.24 RON.
*for the above example, the initial evaluation fee in the amount of 600 RON and three tranches of finding the status of works worth 417 RON each (1,251 RON) was taken into account.
The interest rate is variable and quarterly revised on January 1st, April 1st, July 1st, October 1st, considering the consumer credit benchmark (IRCC) value calculated by NBR at the end of each quarter, according to the calculation methodology regulated by GEO 19/2019 and published on NBR’s website on the last working day of the quarter.
Fees
| Fee | RON |
|---|---|
| File analysis fee | 0 – with salary collection 700 – without salary collection |
| Monthly credit management fee | 0% |
| Early repayment fee | 0% |
| Sole fee for services upon consumer’s request | 500 |
| Building evaluation tax | 600– ground floor houses with afferent land
800 – double-decker villas with afferent land |
| Works stage finding out | 417 |
Other costs to be paid by the client
- Real estate insurance policy for the fully built construction – the cost differs depending on the insured amount and/or depending on the company where the insurance policy is signed.
- Registration fee with the National Register of Mobile Advertising – 87.6 RON.
- Notary fees and fees – the cost differs depending on the fees and fees charged by the Notaries Public who authenticate the mortgage contract.
- The cost of the initial evaluation report of the building that is the object of the financing, as well as the one related to the interim reports (establishing the status of the works) – will be borne by the client, being established and charged by the approved evaluation companies. The cost of the final evaluation report will be borne by the bank.
Eligibility criteria
You can apply for a construction mortgage contract if:
- You are a Romanian or foreign citizen with permanent or temporary residence in Romania or with residence in OECD/EU countries;
- You are at least 22 years old and not more than 70 years at the end of the lending period;
- The family monthly income is at least RON 1,200;
- You can present up to two co-debtors, relatives and in-laws up to the 1st degree.
Guarantees
- The real estate mortgage over the land on which the building will be raised and over the future construction;
- Movable mortgage over the accounts opened with us;
- Insurance policies of the finished building;
- Collateral deposits, by the case.
Required documents
- Identity documents of the applicant, husband/wife and co-debtor (in original);
- NAFA accord and income documents (by the case);
- Real estate ownership documents, registration of the property right on the borrower’s name, excerpt from the Land Registry and the cadaster file;
- Valid construction authorization (and the conclusion in the Land Registry for the land), tow-planning certificate and other required advices according to the law;
- Technical report related to the construction authorization and the technical construction design with the plans endorsed for proof of non-alteration by the City Hall, drawn up according to the law;
- Estimated expenditures, which should include the cost of construction materials, manpower and the cost of equipment for the complete building of the construction, according to the Construction Authorization/related Technical Report;
- Contract for works signed between the constructor and the beneficiary/services contract signed with the site supervisor;
- Works execution schedule based on which the financing plan is drawn up.