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Finding the right credit is just as important for your financial life as finding the right home for your personal life.

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The payout system for developers may be subject to special conditions and contractual terms depending on the amount of the advance, the payment period, the transfer of the property to the buyer and the way the price is paid. Depending on the real estate and lending conditions, the developer reserves the right to make any changes to the payment system in installments.

Credit new house

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.

 

  1. 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.

  2. 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!

  3. 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%.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

    • To meet the eligibility conditions of the bank from which you apply for the loan
    These should be available on the website of each partner bank.

 

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.

 

Notes:

This article was written with the help of information from https://www.bancatransilvania.ro and https://www.fngcimm.ro/

The simulations belong to us.

Mortgage loan

The key that opens the door of your new home is money in the form of mortgage-backed mortgage. In order to better understand the difference, for the mortgage you can guarantee the real estate that you buy by credit, and for the real estate loan you can also guarantee with another property than the one purchased by credit.

Own sources

  • You do not pay rates and other bank charges - There are no bank credit costs, so in the end you pay less.
  • You own the house - The fact that you are already the owner of your home will give you a sense of security. Otherwise, the bank is entitled to a mortgage and in case of non-payment, it can go to forced execution.
  • You do not worry about your credit history - History is one of the main factors the bank takes into account when it analyzes your application. If you have a negative history, you may not get funding.
  • The sale-purchase process ends faster - Generally, approval of a bank loan takes a few days, but in the event of irregularities or blurring, the period may extend to 3-4 months. If you choose to pay cash, the purchase ends as soon as all the papers have been signed and any unforeseen problems have been resolved, and your engagement is short-term.
  • You pay a fixed price - Bank rates depend on market fluctuations, so rates and implicitly the final price may vary.

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