"My Home" Loan
This loan is for you if your income is in RON
"My Home" Loan is a unique product in Romania offering the security and stability of a fixed interest rate and 10 years of experience in mortgage loans.
"MY HOME" ADVANTAGES
- Fixed interest rate means that your monthly installment will never change for the duration of the contract, no matter the evolution of key reference indices in effect from other financial institutions. It is the only USD mortgage in Romania that has a fixed interest rate for the entire duration of the contract.
- It is granted in USD and it is also reimbursed in USD, equal monthly installments.
What does all of this mean for you ? Mortgage currency is USD and because your income is in RON, you have to be aware of the exchange rate between USD and RON. Considering this risk, we advise you to access this credit only if you consider that the risk of an increasing interest is higher than the risk of appreciating the dollar, or if you anticipate that in the future you will be able to earn dollars or dollar-denominated incomes.
Who is it for
- For you, if you are interested in buying or renovating a home
- For you, if your income is in RON
- For you, if you want a fixed monthly installment, risk free
- For you, if you are a Romanian citizen or a foreign citizen residing in Romania.
HOW CAN YOU USE THE MONEY
COMMITMENT
Approval in 48 hours, since complete application submitted
hours
The amount can be at your disposal in the next 5 days
days
A maximum of 30 years loan contract period
years
COSTS
- Your interest rate is fixed throughout the duration of the contract, it is set from the start and it can not be changed.
- Monthly installments are equal throughout the duration of the contract and are formed from capital and interest
Annual interest of 8.3%
Analysis commission of 500 USD
Monthly administration commission of 0.03% for acquisitions or 0.05% for renovating and investments
Because any relationship is based on transparency and trust, we are letting you know that there are also other cost and commissions that you must take in account
Property evaluation fee differs from one property to another
Property insurance is mandatory, and we offer the possibility of taking out an insurance policy with ease.
Electronic archive fee is 65.7 RON for every collateral.
CREDITING CONDITIONS
- Any romanian or foreign citizen with a residency permit in Romania, and a minimum 21 years of age can apply for the "Fixed for home" Credit.
- We accept a wide number of income categories that are payed in RON (Independent activities, royalties rights, own companies, pensions, rent etc)
- You can obtain a maximum of 60% of the property value that you want to buy or renovate:
- For the acquisition of a property you must have a minimum of 40% down payment
- or
- 0% down payment if you bring an additional collateral property
- For renovation purposes it is not necessary to make a down payment
- For the acquisition of a property you must have a minimum of 40% down payment
- Your debt to income ratio must allow you to pay the installment and also all your other expenses ( other payments, other installments etc)
- Credit history to be in line with internal approval rules
*The collateral property must be insurable against earthquakes and other major risks and also must be registered in the Land Registry.
Necessary Documents
*Please contact us for further information based on your type of income
Example: For a Verida mortgage loan in value of 45.000 USD for a duration of 30 years with a fixed interest rate 8.30%, your monthly installment is 351USD. Verida has a up-front fee of 500 USD which is retained from the loan value, it is payed at the moment of disbursement, monthly administration fee of 0.03% applicable to the credit balance. The annual interest is 9.14%. Total amount payable in 360 installments: 126.715 USD. Verida Credit specializes in providing long-term real estate loans with fixed interest rates throughout the credit in US dollars. In this case, the only variable is the USD / RON exchange rate. If the USD / RON exchange rate will increase by 20%, the original rate will increase from $ 1,000 ($ 351 * $ 3.78 / USD) to $ 1,500 ($ 351 * $ 4.53 / USD)The Consumer Protection Legislation, GEO 52/2016, entitles consumers to request the conversion of the credit in the currency in which they earn most of their income or in the country of residence. The credit will be repaid in the currency in which it was awarded, namely US Dollars.