The Reconstruction Loan can be used for the complete restoration of an apartment for residential purposes, or a shop/apartment for rental purposes.
Who can get benefit
The loan for reconstruction is valid for all residents in Albania, permanent or temporary employees in companies, sailors, retirees, entrepreneurs (who have been operating for at least one year) as well as for customers with other verifiable income.
Benefits
- Professional advice on the real estate market.
- Orientation towards the best investment for you.
- Loan adjustment according to your financial situation.
- Fast and simple processing.
- If you have a salary in OTP Bank Albania there are more benefits.
*Repayment method: principal and interest are paid in equal monthly installments.
*Penalties: in case of delays in the payment of installments, the bank applies a delay penalty, based on the Terms of Service in force.
*Early Payment: the bank accepts partial or total payments before the loan matures.
The following documents are required for the principal borrower and for the co-borrower.
Documentation
- Proof of income (from salary, rent, or both)
- Identification Documents (ID or Passport)
- Collateral documents.
Loan Security
- Real estate mortgage with coverage of 125% of the loan value in case of reconstruction of an apartment for residential purposes and 143% for reconstruction of an apartment/shop/unit for rental purposes.
- Deposit with coverage of 110% of the loan value.
- Co-borrower required.
- Life insurance at the rate of 100% of the loan and property insurance at the rate of 110% of the loan.
Conditions
- Maximum amount: up to 300,000 Euro
- Term: up to 15 years
- Currency: ALL, EURO
- Interest Rates*:
ALL: 2.9% fixed for the first year;
ALL: 3.7% fixed for the first 2 years;
EUR: 1.9% fixed for the first year;
After
Income from Wages/Rent: T.B 12M+1.65% (min.4.15%) / Euribor 12M+3.4%(min. 4.65%)
Other income: T.B 12M+1.85% (min. 4.35%) / Euribor 12M+3.6%(min. 4.85%)
The Bank reserves the right to request additional documents if it is necessary.
Here you can download the pre-contractual information for home reconstruction loan.
The following documents are required for the principal borrower and for the co-borrower.
Dokumentation
- Proof of income (from salary, rent, or both)
- Identification Documents (ID or Passport)
- Collateral documents.
Loan Security
- Mortgage real estate with coverage 130% of the loan value.
- Deposit with coverage of 110% of the loan value.
- Co-borrower required.
- Life and Property Insurance at the rate of 110% of the loan.
Conditions
- Maximum amount: up to 300,000 Euros
- Term: up to 10 years
- Currency: LEK, EURO, USD
- Interest Rates*:
LEK: 2.4% fixed for the first year; Other years Treasury Bills + 1.50%, Min 4.0%;
LEK: 3.5% fixed for the first 2 years; Other years Treasury Bills + 1.50%, Min 4.0%;
LEK: 4.0% fixed for the first 3 years; Other years Treasury Bills + 1.50%, Min 4.0%;
EUR: 1.4% fixed for the first year; Other years Libor (EUR) + 3.75%, Min 4.0%;
EUR: 2.5% fixed for the first 2 years; Other years Libor (EUR) + 3.75%, Min 4.0%;
EUR: 3.0% for the first 3 years; Other years Libor (EUR) + 3.75%, Min 4.0%;
EUR: 3.75% for the first 5 years; Other years Libor (EUR) + 3.75%, Min 4.0%;
USD: 7.5% fixed for the first year; Other years Libor (USD) + 4.5%, Min 7.5%;
The Bank reserves the right to request additional documents if it is necessary.