sofia, bulgaria - development project with planning permission granted - between vitosha quarter and studentski grad quarter!

The residential building with an underground parking space and shops is located in the "Vitosha - VEZ Simeonovo" neighbourhood, city of Sofia, at the border with Studentski Grad Region.

Vitosha is a newly developed quarter situated in the south part of the towwn - in close proximity to all diplomatic residences. A great advantage is the nearness of the beautiful Vitosha mountain.

Studentski grad quarter ("Student city") is the student campus area for most universities in Bulgaria and also one of the 24 municipalities of Sofia. The quarter has excellent infrastructure and transport links.

project

The project we offer to your attention is in the phase of beginning of the construction. This means that all the stages of purchasing the plot, coordination with authorities, planning and obtaining building permission have passed. The investor who buys this project can start the construction work on the very next day and start selling in advance.

Description

The designed building is situated with façades towards two streets and an open space. The structure consists of one underground level, two levels half dug into the slope of the ground, six residential floors above the ground and an attic level. The half dug-into levels have shops in their part above the ground and in their underground space - underground parking lot, 72 basements and maintenance rooms.

• Registered landed property - 3 293 sq.m.
• Total built-up area - 15 800 sq.m. of which 13 202.90 sq.m. built-up area above ground level and 2 599.00 sq.m.underground.
• The shops have a total area of 2 850 sq.m.
• The necessary parking places for this area being 33.
• The building has 72 flats in four entrances.

Construction

The floors are serviced by concrete-and-steel staircases and lifts. A loading platform and a lifting platform have been designed to make the environment easy to access.

Garages
There are 38 parking places in the open and 67 parking places in two underground garages - one accessible from the upper street and the other - from the lower one. There are a total of 105 parking places in the property - 72 for the residential part and 33 for the shops.

The price of the project at this stage is 400 Euro/sq.m. of the future built-up area. VAT excluded.

accents

• A perspective location
• All permmissions to built
• An excellent investment

Learn more about Mirela Real Estate Agency in our new brochure HERE!

• Planning permission granted
• Electricity
• Pipings
• Sewerage
• Planning permission
• For residential buildings

Agent's valuation of the offer Excellent!

Mortgages in Bulgaria

You can rely on a Mortgage Loan from a Bulgarian bank that will finance your purchase, even if your income originates from another country. Mirela Real Estate agency has a partnership with leading Bulgarian banks based on a licensed contract, by the force of which we represent them, which is sign of respect and trust. Our credit specialists offer consulting services to our foreign clients and this service is free and doesn't influence the credit in any way.

Here are the main characteristics of a standard mortgage loan in Bulgaria are, as stated by two of the leading banks in the country - United Bulgarian Band and First Investment Bank.

UBB -United Bulgarian Bank

The client segments are the citizens of the European Union, USA and Canada. The minimum amount of the credit is Eur 7500, the maximum is Eur 250 000 for a period of up to 20 years (the currency is EUR). A person must be at least 23 years old to be considered eligible and the age plus the loan period shouldn't exceed 65 years. For the first year the interest rate is 1.5% or 5.9% for the first 3 years. There is a standard interest rate for the rest of the loan period which is 6.5%. The bank has an application fee of BGN 20 and an administration fee of 0.5%, payable at loan disbursement. The prepayment fee is 5%. The bank also offers property insurance.

First Investment bank
Every able local or foreign citizen is considered an eligible borrower. However, if the acquired property is a plot, a local citizen should acquire a property. There are no limits concerning the maximum loan amount. The maximum term is 240 months with a loan purpose - acquisition of a real estate. Up to 80% of the market value of the mortgaged property can be financed.
There is an option of a period when the borrower pays only interest which may be up to 12, 24 or 36 months. After it equal monthly installments during the loan term are paid. In case of overdue payments the bank charges a penalty interest rate which is the the interest rate agreed plus 20 points. The utilization is according to utilization plan. The application fee is Eur 50 and the management fee is 2%. There is also an early repayment charge from 2% to 5% as well as a commitment fee - 0.5% and a renegotiation fee - 1.5%. You can read more on the fees and charges on their website. The applicant's income should be 1.50 times the monthly installments. The minimum income that should remain per member of the household is 500 Eur for adults and 250 Eur for children.

The bank offers a life insurance option, which is paid by the borrower and property insurance.

Required Documents

Credit history documents (Experian Scorex, Equifax) - for citizens of the United Kingdom

Required documents for the income of the applicant / joint applicant:

For applicants / joint applicants working under labour contracts:

1. Form P-60 (required).

2. Letter from the Employer establishing the net income of the applicant / joint applicant (advisable).

3. Account statement for the last three months evidencing the declared incomes.

4. Other documents required by the Bank.

For applicants / joints applicants who work as freelancers or owners of companies:

1. Letter from an accountant establishing the net income for the last year or an Income Statement.

2. Account statement for bank account evidencing the declared incomes.

3. Other documents required by the Bank.

For applicants / joints applicants who receive rental income:

1. Account statement for the last three months evidencing the declared incomes.

2. Rental contract, if the income is not included in the annual Tax returns.

Applicants who are not citizens of the United Kingdom are expected to provide documents corresponding to those listed for UK citizens.

The term for approving the application is usually up to 2 days.