Banks Reduce the Minimum Down Payment for Mortgages

It is good news for Romanians who want to buy homes but do not fall under the First Home program, BCR reduced the minimum advance for mortgage loans in lei to 25%, and Piraeus Bank needs 20% for loans in lei and 30% for loans in euros.

BCR reduced the minimum down payment required for mortgage loans in lei, to 25% (from 35%, as it was established in May, after the law on Giving in payment and as it was until the beginning of August). The 10% down payment allows more homeowners to qualify for a mortgage.

However, this BCR reduction only applies to large cities, where the real estate market has several valuation tools, respectively for Bucharest, Cluj-Napoca, Timişoara, Iaşi, Constanţa, Craiova, Braşov, Galaţi, Ploieşti, Oradea, Brăila, Arad, Piteşti, Sibiu, Bacău, Târgu Mureş, Baia Mare, Buzău, Botoşani, Satu Mare.

Piraeus Bank Romania also “cut” the minimum down payment by 10%. This month, for a mortgage loan in lei, the minimum down payment requested by this bank is 20%, and for a euro loan, it is 30%.

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