Financing
Financing, explained in plain words
We work with a mortgage broker who compares the banks' real offers for your profile. For you the service is free: the broker is paid by the bank. Below are the figures you need, a repayment calculator and the answers to the questions we are asked most often.
- minimum down payment for a first home (25% for a second)
- 15%
- application costs: notary, valuation, analysis
- ~€2,000
- the broker's cost to you
- 0 lei
- from filing the application to final approval
- ~1 month
Work out your repayment
- Monthly repayment
- 881 €
- ≈ 4.474 lei
- Amount borrowed
- 172,788 €
- Total repayable
- 317,028 €
- Of which interest
- 144,240 €
- Indicative minimum net income
- 2,202 € ≈ 11.184 lei
Equal instalments (annuity), excluding insurance and bank fees. The preset rates are indicative; the bank gives you the final offer. Your total loan repayments should stay below 40% of your net income.
What down payment do I need?
The bank requires at least 15% of the price for a first home (25% for a second, 30–40% for income earned abroad). At Ilioara Residence, you pay the developer €2,000 + VAT on reservation and a down payment of at least 30% at the pre-contract; the rest at the sale contract, when the mortgage is drawn down.
Can I get a mortgage for an apartment under construction?
Yes. The mortgage is granted on completion and registration, with the cadastral documents, the land registry extract and the energy certificate. Until then you obtain a pre-approval valid for 60 days, then you sign the pre-contract. The recommended order: pre-approval first, then the pre-contract.
What income is accepted?
Salaries, child-raising allowance, self-employed income, dividends, rent, drivers' per diems and seafarers' contracts. Income from copyright is accepted by only a few banks.
How long do I need to have been in my job?
Generally one year of uninterrupted income. For a recent job, banks look at the last 3 months if the gap was under 30 days; otherwise 6 months.
I work abroad. Can I buy with a mortgage?
Yes, with an employment contract and 1–2 years' seniority. Roughly 80% of the income is taken into account, and the down payment rises to 30–40%.
Can I take the mortgage together with someone else?
Yes: a spouse, partner, parents or siblings can be co-borrowers, and the incomes are added together.
How much of my income can the repayment be?
As a rule under 40% of net income; some banks go up to 50%. Credit cards count for about 4% of their limit, even if unused.
Fixed or variable rate?
A fixed rate is stable for 2, 3 or 5 years, then becomes variable (IRCC + the bank's margin). The choice depends on how much predictability you want in the first years; the broker compares the offers for your situation.
Does the mortgage also cover the VAT and the parking space?
Yes. The mortgage can cover the price including VAT, and the parking space can be included in the same financing.