Your new home can be in Aqua City - 7 things you should know about the new lending program, plus a great offer
You are looking for a new home, in a less crowded area of the city, close to the center, well connected to the public transport network and you recently found out about Aqua City. Studios, 2 and 3 room apartments, with a space larger than the average of the new apartments in the capital, overlooking Lake Morii or the common, green spaces - are candidates for the title of "ideal apartment". But it remains the subject of financing - how, how much, from where, when.
There are three options for financing your purchase of a new apartment - your own sources, your mortgage, and the New Home government program. Today we will go into details regarding the third version and complete them with a great offer valid until the end of October 2020.
The first house becomes the new house
Noua Casa is a new version, launched this summer, of the well-known Prima Casa program. One of the most important changes to the program is that it is addressed to all those who want a new home, not just young people. Also, the program has been modified so that it addresses those who want a second home, if the first has less than 50 square meters, not only those who are in the first real estate acquisition.
The home must be new
An important aspect of the program is that it facilitates the acquisition of recent constructions, not older than 5 years - technically, this means that the signing of the reception documents at the end of the works was done at most 5 years before the loan application date *.
In the case of Aqua City, the first building in the residential complex has a deadline of completion at the end of July 2021 and the sale-purchase contracts can be signed until the end of October 2021.
The second building has a deadline of completion in September 2021, and the last block of the last construction phase will be ready in 2023.
So, any apartment you choose, from any of the 6 buildings, you can buy it through the New House program!
- The credit ceiling has risen
The amount that can be accessed through this program has increased, reaching 140,000 euros. For financing between 70,000 and 140,000 euros, the advance requested from the new owner is 15%. Up to 70,000 euros, the advance is only 5%.
The good news is that the 46 sq m Aqua City studios built start at 42,000 euros (including 5% VAT) and fall to a 5% advance.
The 3-room apartments, with a space of 95.4 sqm built, start at 94,000 euros (including 5% VAT), so they are also part of the New House with an advance of 15%.
The 2-room apartments can be 68,000 euros but also 76,000 euros, the price varying depending on the square meters and the number of balconies. Those under 70,000 euros fall within the 5% advance, those over 70,000 euros require an advance of 15%.
- The state guarantee increases
Unlike previous programs, the state guarantee increases from 50% to 60%. This means a higher level of flexibility from the financing bank, faster procedures and, overall, an easier financing process.
- More accessible eligibility conditions
Probably the most important eligibility condition refers to the real estate properties of the beneficiary. You are eligible for this program if you do not own a home yet, but also if you own one that has less than 50 sqm.
- A restriction
The program mentions that, once you buy the apartment, you cannot sell it in the next 5 years. But with Lake Morii close, with a supermarket in the complex, with a functional SPA center (jacuzzi, hammam, fitness room, physiotherapy) and two swimming pools (one semi-Olympic, indoor, and one for children), with lots of green space and tap water, the reasons to change the complex are hard to find.
- How to get a New Home loan
After choosing the ideal home, you must find a banking institution that runs the New House program and meet three general conditions:
- To benefit from permanent income
For example, a minimum income of 2,263 lei is required for the purchase of a 40.6 sq m built studio, worth 42,000 euros.
- Have the minimum advance required
It can be 5% or 15%, the amount which can be up to 3,500 euros for 2-room studios and apartments with a value of up to 70,000 euros, or up to 14,100 euros for 3-room apartments, of 95 , 4 sqm built.
These should be available on the website of each partner bank.
- To meet the eligibility conditions of the bank from which you apply for the loan
An unmissable offer for your New Home to be in Aqua City
I said at the beginning of the article that we have a great financial offer. Besides the advantage of the larger living space compared to the average of the residential complexes in Bucharest (ie the bedrooms have around 14 sqm and the orchards around 20 sqm), we add an unbeatable price.
We offer prices starting from 900 euro / sqm built for the apartments purchased until October 31, 2020 through the New House program. This means a reduction of up to 20% compared to the average price per square meter of new homes in Bucharest, which is around 1450 euros.
At a New House lending simulation, the numbers look like this:
Studio apartment - 40.6 sqm built, value 42,000 euros (VAT included)
Price: 203 700 RON
Credit: 193 515 RON
Advance 5%: 10 185 RON
Monthly rate: 1,018 RON
Period: 360 months
Minimum required income: 2,263 RON
2-room apartment - 68.4 sqm built, value 68,000 euros (VAT included)
Price: 329 800 RON
Credit: 313 310 RON
5% advance: 16,490 RON
Monthly rate: 1 649 RON
Period: 360 months
Minimum income required 3,665 RON
3-room apartment - 95.4 sqm built, value 94,000 (VAT included)
Price: 455 900 RON
Credit: RON 387,515
Advance 15%: 68,385 RON
Monthly rate: 2,039 RON
Period: 360 months
Minimum income required: RON 4,532
For all the simulations we used a BNR exchange rate of 1 EUR = 4.85 RON
We invite you to the Gallery section, to see what your new Aqua City house will look like or in our Showroom in Rocilor Street 12-16 in the Crangasi - Giulesti area. And, of course, we are at your disposal with other simulations for the desired apartment or with comparisons between the New House loan versus the real estate loan.
This article was written with the help of information from https://www.bancatransilvania.ro and https://www.fngcimm.ro/
The simulations belong to us.