Eligibility criteria:

• The property has to be finalized at least 90% and hand over it to the client; the client has already the title deed;
• The applicants have to be just private individuals.

What conditions do you need to meet to qualify for a refinance?

• Local banks require a minimum of information about income earned in Romania, but it is not necessary to earn income in Dubai;
• You do not need a visa or temporary residence permit in Dubai.

The documents you need if you apply for a refinancing loan::

• Personal identification document (passport and identity card);
• The title deed ;
• Documents which state the income in Romania.

Documents are sent in English. A certified translation is not required, but the documents must be translated by a certified translator.

We detail below some useful information if you want a refinancing loan:

• Who is the loan applicant? Any private individuals, resident or non-resident in Dubai
• What is the maximum loan amount? 15.000.000 AED.
• What is the minimum loan amount? 1.000.000 AED.
• Which is the loan tenor? Up to 25 years, of course depending on the age of the applicant.
• The interests are just for orientation only and can be modified; usually the interest is variable and link to EIBOR index evolution.
• How much is the interest rate applicable to non-residents? On August 2023 the interest was aprox 6.5% (the 1-month EIBOR being aprox 5.6%).
• Is it mandatory to close a house insurance policy? Yes, this is mandatory; the value of this insurance is approx. 0.005% monthly based applicable at the evaluation value of the property and it can be paid monthly together with the loan.
• Is it mandatory to close a life insurance policy? Yes, but not to all banks; some banks request the closing of this type of insurance; the cost is approx.  0.018% monthly based applicable to the loan amount and it can be paid monthly with the credit.
• How much is the early repayment fee?? Aprox 1%.
• Which is the link between EIBOR and LIBOR USD? There is an important correlation between these two rates.
• How much is the mortgage tax? 0.25% applicable to the property value.
• How much are the property evaluation taxes? Aprox 3000 AED.
• Do I have to pay a processing file tax? The local banks request a processing fee between 0 and 1%.
• Is it mandatory to have a banking account in Dubai? Some banks request a minimum turnover for three months before application date, but this is not a general condition for all banks.
• How much are the mortgage release tax? Aprox 1.300 AED.
• Are there unmentioned taxes? Yes, but depends on the bank politic.
• What is the Bright Finance fee? Bright Finance take a 2% success fee of the loan value, payable at credit contract signing date.
• How can I apply? Give us a phone call at 0040/737.023.198 or send us an email at cristina.calin@brightfinance.ro.

Disclaimer: All information mentioned above are orientated and can be modified based on the bank’s politic

Local banking partners